Rising Market Tide Lifts Steel Dynamics (STLD)

Posted: Monday, November 23, 2009 10:00 AM EDT

Steel Dynamics (NasdaqNM: STLD) opened at $16.54. So far today, the stock has hit a low of $16.46 and a high of $16.90. STLD is now trading at $16.85, up $0.70 (4.33%). Over the last 52 weeks the stock has ranged from a low of $5.34 to a high of $18.56. Shares of STLD are rising today after a weakening dollar initiated a market rally at the opening bell. Technical indicators for the stock are bullish and S&P gives STLD a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on STLD the stock seems like it could be a candidate for a February out-of-the-money bull-put credit spread below the 13 range. [ABR-Seven Summits Strategic Investments NewsBite]

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