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PRIME STOCK NEWSLETTER FOR June 2nd, 2010

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Position Statement: In our Prime Recommendation Letter we attempt to identify the recommendation with the highest probability of moving higher.  We recommend that stop orders be placed at the time of purchase,  and once the position has moved profitable we recommend a stop be placed a minimum of $0.375 above the purchase price and moved higher as the position moves higher.

Today's Comments: The overall market moved moderately lower sharply lower again on Monday in a broad based move that saw every index I track move lower on the day as well. The weakest sectors were the Oil Services, Oil & Gas, Natural Gas, Commodities, High Tech, Cyclicals, Banking, Transports, and Broker/Dealers. Oil was lower by $1.39 to $72.58 per barrel, and Gold was higher by $12.60 to $1,224.80 per ounce.

The overall market continues to look weak. I am looking for the Dow Jones Industrial Average to continue to move lower. I see the next level of downside support at 9,908.39. If the Dow fails to hold that level, then the next support level (and downside target) is 9,712.73 on a closing basis.



Recommendation: Sell/Short

Arcelor Mittal 'MT'

Company: Arcelor Mittal Symbol: 'MT'

Closing Price: $28.85

Web: www.arcelormittal.com

YH: $49.41 YL: $27.46 EPS: $1.24 P/E: 23

Shares Outstanding: 1.51 Billion

Forecasted EPS: $2.71 Market Cap.: $44 Billion
Dividend: $0.64 Yield: 2.10% Aver. Daily Trading Volume: 6.0 Million Shares  
Price Targets:  $27.88 and then $25.73 Upside Stop:  $29.43/share
Options Rec.: June 30 Puts @ $2.28/contract Options Symbol: MT R 30

Additional information on Arcelor Mittal 'MT' can be found (here)

Company Description: ArcelorMittal engages in the production and marketing of finished and semi-finished carbon steel and stainless steel products worldwide. It offers flat products, including sheet and plate; and long products comprising bars, rods, and structural shapes, as well as pipes and tubes. The company serves automotive, appliance, engineering, construction, energy, and machinery industries. The company, formerly known as Mittal Steel Company N.V., was founded in 1989 and is headquartered in Luxembourg, Luxembourg..

Chart for Mosaic Company

Chart updates daily

Recent News: 06/01 [$$] Steel Prices Under Pressure at The Wall Street Journal (Tue, Jun 1)
 

05/25 AK Steel Jumps on Upgrades at TheStreet.com (Tue, May 25)

  05/24 Three EU steelmakers cut by BofA Merrill Lynch at MarketWatch (Thu, May 20)

A full list of the news headlines for Arcelor Mittal 'MT' can be found (here)

Our Analysis: The shares of Arcelor Mittal 'MT' moved sharply lower on heavier than normal trading volume yesterday. In the process they closed below a recently established downside support level. Additionally the shares of 'MT' have been in a downward trend since early April. The shares of 'MT' should continue to move lower and test $27.88/share, the point from which they gapped higher on the open of trading on May 19th of last year. If the shares of 'MT' close below that level then I expect them to continue to move lower and test $25.73/share, the point from which they gapped higher on the open of trading on May 18th of last year. I see upside resistance on the shares of 'MT' @ $29.04/share, and have set my stops accordingly @ $29.43/share.


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Yesterday's Edition of the Prime Stock Newsletter
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