This post was just published on ZYX Short Sell Change Alert.
Our call on this steel stock has proven spot on. Early this year United States Steel Corporation (X ) was heralded as the best trade. When we were shorting as high as $40.38, every Wall Street bank was in love with this stock and most gurus were heavily promoting it to buy. We were alone in short selling. Now the stock is trading at $24.32 as of this writing. Our target all along has been in this neighborhood.
We did manage the risk by scaling in at various prices and also taking partial profits along the way. Consider taking profits in the zone of $22 to $25.11 and exit the position. Consider using protective stops while trying to get a better price.
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