Still has had some fits and starts and looked like a darling, but if you look at this right now, it made a bottom at the end of January, and then came back up to what would’ve been a breakdown of around $47. Until the stock gets above $48, it wouldn’t be interesting. If it gets above $40, it could be a pretty good buy. Expect it to have a lot of gnashing and to-ing and fro-ing between $48 and $56. Indicators are right in the middle of the band, so are not really telling us about being overbought.

Broke below the 50 day moving average a couple of months ago and then below the 200 day last week. Not levered to a Chinese recovery but is really focused on what is happening in the US markets. Very well run company with a very solid management team. There is very little demand for their products. Non-residential construction is a big part of their business and they are not seeing an uptick here. 3.5% dividend yield.

Margins were under some pressure and obviously steel pricing has come down but it is still a low-cost manufacturer. They use more scrap than the integrated steelmakers. He feels we are starting to see growth in global industrial production again which benefits them.