Jerry wanted to know if I think the metals (TIE, ATI and RTI) are buys yet. Which, I guess, implies that they will be buys at some time in the future. :-)
This group/sector was one of the few that actually held onto a portion of their gains today. They're showing relative strength at the moment but I think that most of these stocks are hot potatoes right now. TIE has been gapping all over the place the last three sessions. I guess longer term folks should be focused on spots to get long since it's still above its 50 and 200-day moving averages. The trick is finding a spot with a decent reward/risk. The way it's trading right now it could be at either 30 or 40 in a flash. I'd like to see a few narrower range sessions before I'd take a stab at it.
Bears should note that It may be setting up a decent short entry if it slips back under the trendline that it broke today. I'm keeping an eye out for that eventuality.
P.S. Here's a monthly chart of TIE. Maybe it's just me but I can't get excited about buying right here:
Stephen Vita, who's been trading TIE all (much) of the way up has some interesting thoughts on it.
