Steve Grasso Is Bullish On X, MT, NUE, AKS
CNBC Fast Money's Steve Grasso said on the show that it would be wise to buy the steel stocks, because they perform well in the month of December. Over the past four years AK Steel Holding Corporation (NYSE: AKS) gained 13% on average in December, while United States Steel Corporation (NYSE: X) added approximately 20%. Nucor Corporation (NYSE: NUE), and ArcelorMittal (ADR) (NYSE: MT) jumped 11% on average in the same month.
Steve Grasso added that for this trade to work, the market has to trade higher into year end, and you should hold these stocks no longer than 30 days. ArcelorMittal (ADR) (MT) spiked 8.81% on Monday, and United States Steel Corporation (X) gained 8.49%. Nucor Corporation (NUE) added 3.32%, while AK Steel Holding Corporation (NYSE: AKS) traded 7.24% higher.
