Opinions
Jon Vialoux
Markst Vectors Steel Index E.T.F.
SLX-N
COMMENT
Aug 22, 2013
$43.310
Stock price when the opinion was issued
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WEAK BUY
A steel ETF that covers stocks like Rio Tinto, Cleveland Cliff, etc.. The best way to play the global steel sector. Look at the 10 year chart to get perspective. We have seen a good rally already. A classic cyclical play. We are getting to the top end of the range. Not early.
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Steel benefits more from October through to May when manufacturing does well and all the cyclicals do well. The average gain for steel over that time is about 7%. There has been improvement in manufacturing recently, which is not seasonably typical.