Steel Products
January 4, 2013
Hot Rolled Futures – Bring in the New Year!
Written by John Packard
Financial Markets
Who knew it was so easy, all the Republicans had to do was to agree to over $600 bln in tax increases, kick the can down the road on spending cuts by 2-3 months and voila!; No Fiscal Cliff! And with that the markets were off. The SP has gained 60 points in 2 days or 4.25%, Copper has risen 11 cts or 3.1%, and Crude has risen $2.70/bbl or 3%. Upside target for SP on futures is 1491 or another 2+% before our next retracement. It is important to note that at current levels we are merely 100 points away from all time highs in the U.S. stock market. Looks like all we had to do was print money, hmm.
