The party continues on Wall Street; investors remain bullish on stocks judging by the sheer price action as both the S&P 500 and Dow Jones Industrial Average managed to close out last week well above their all-time highs. The economic data front is sending hints of a potential downturn as manufacturing indicators remain weak; nonetheless, this has failed to put a noticeable dent in the bulls’ armor of confidence as markets shrugged off last week’s worse-than-expected industrial production data [for more market news and analysis subscribe to our free newsletter]. Not every stock is surging to record highs; in fact, one particular large-cap miner offers a risky, but compelling, opportunity for investors still looking to get a piece of the action on Wall Street. Contrarian investors should add Cliffs Natural Resources (CLF) to their watchlist because this former S&P 500 sweetheart is resting on major historical support, thereby offering a great entry point for those … See the full story here
Last week’s disappointing employment report put a dent in the bulls’ confidence; however, the parade has resumed with full force this week thanks to a solid start to earnings season with better-than-expected results from Alcoa. While major equity indexes have resumed their ascent to record highs, the skeptics continue to call for a market top in the face of rising prices. With no major fundamental changes taking place over the last few weeks, it’s difficult to gauge when the long-overdue correction will actually strike, as traders and investors alike have more reasons to buy on the dips rather than take profits [for more market news and analysis subscribe to our free newsletter]. Steel manufacturer Nucor Corporation (NUE) presents an intriguing opportunity at the moment that warrants a closer look from swing traders looking to get a piece of the action on Wall Street.