In Jim Cramer's column today (Monday), he looked at two steel names. He wrote that "there's opportunity here if you really believe. Despite the decline of U.S. Steel (X) , Nucor (NUE) has a 3% yield and plenty of business, a potential bargain at $49, a 21 P/E, down 12% for the year. There's been some movement in steel for autos, not much else. We will find out this week; the company reports on October 22. Remember, though, the company gives updates intra-quarter so don't expect a surprise."
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We don't have enough information yet to know, but here's what we can tell.
I believe the half-now, half-on-a-breakout is the way to play this one.