Sold those SPY puts for $800. Gains were offset by some bullish play on XHB. Plan to get rid of these XHB puts (sold short).
Also have some VLO June 60 calls - it has been a small losing trade...but looks like it might be turning corner. Loving the OIL bubble.
Watch List: STLD. NUE has been going around to raise money. STLD becomes such an attractive target for NUE. CRS, CMC also can be a target.
NUE has the balance sheet flexibility. Recently, NUE is looking to raise $3-4 billions in the capital market. NUE also has $700 mil cash on hand and $4.8 bil short term assets. Making a medium size acquisition of companies with market cap under $10 billion is totally feasible for Nucor. Merger for metal companies give them more bargaining power with the suppliers, cost cut on excess labor and technology that can help further increase production efficiency.
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