Wild Day

Yesterday I noted that Unites States Steel (X) offered an interesting opportunity and the stock broke out to a new high today, gaining nearly 8 percent (though there is still half an hour until the close.) Even a blind squirrel...

The action this morning was wild as news agencies relayed news of a "bomb blast" in Iran that sent futures plunging. I could hardly keep up with news in my blog and in the end it turned out the "blast" was not related to military action and futures shrugged off the news. It is frustrating to spend that much energy following something that isn't "real"...but of course you don't know that ahead of time and since the markets are moving in the "news" you have to watch it...

Another stocks I am watching is Massey Energy (MEE) which I wrote about earlier this month our website. Like Unites States Steel, MEE is at its highest level since at least the early 1990s. And also like Unites States Steel it is in a sector that I would have never thought I would be writing about - coal mining. But these groups are where the action is...so that is what I watching...