*Buy Nucor Corporation – Talk of Buff interest
We recently talked about Nucor’s being cheap and how it was oversold and today there’s a speculation on the BIG man, Warren Buffett, acquisition probables!!! Wow I’m elated to have put that in the watch list a week before, though I had no idea this news was coming out !*^%& I liked it on a fundamental base and technical basis then. Hurray. Read the bloomberg article that mentions the news.
The stock has very recently traded as high as $68. I made a very bad trade of buying at around $67 and I think I sold it off at 62 or 61.5 taking a loss on the trade after they reported a bleaker quarter than the street expects. The stock gave away most of it’s recent gains after the CEO said ‘ there were no speculations about any take overs’ on Fast Money. The stock is now trading almost at a 9 month low. I recently wrote about how all the technical indicators showed that the stock was oversold at around $52-$53 on July 26th. I liked the fundamentals when the stock was at $65….though just for a trade. I loved the fundamentals as an investment/trade on 26th after that near 22% drop in less than 2 months. These renewed speculations would actually make this a very good stock to own even for a trade…not only an investment.
To read more about the technicals go to this link which I posted on 26th.
I have not yet bought NUE owing to the volatility. And now that volatility will be the pumper of the stock. The thing that was the worst till tonight will be the best thing now.
Good Luck. Pull this trade off quickly.
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