Selling ~$18k worth of US Steel (X) at $111.72. This one is the gift that keeps on giving, I've shorted it a couple of times in the last few months, and am getting in again for the same rationale really, in that steel stocks basically get killed in a recession.
Stock up a lot over the last 2 days after a UBS upgrade, but I'm gonna just use that to get this great entry point. UBS may be right in that higher iron ore settlements should cause price rises, but I still contend that lower demand will hit margins.
Portfolio all looking good except my oil short...down something like $13k on it...pretty frustrating, I still don't mind being short, but I even thought that the timing of my entry was poor. Will see how it unfolds over the next few days.
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