Wave 3 forming with heavy volume coming in on the 25% tariff next week. Once that gets signed, take off to the moon.
NEWS:
01:39 PM EST, 03/01/2018 (MT Newswires) -- In what has been an extraordinarily volatile day in the metals sector, steel and aluminum stocks lunged higher following President Donald Trump's assurances he will impose tariffs and quotas on imported steel and aluminum next week.
Shares of AK Steel Holdings (AKS), U.S. Steel (X) and Steel Dynamics (STLD) are some of the domestic names that are posting outsized gains, while foreign steel producers like ArcelorMittal (MT), Nippon Steel and Kobe Steel are trading in negative territory.
The sector was whipsawed earlier in the day, and traded in sizable gains when the White House said it would not be making an announcement regarding trade sanctions on imported steel. Subsequently, the president surprised Wall Street with another announcement the long-awaited tariffs would be imposed next week.