Seems to me the price will probably dip a little lower even if you do want to buy. Think I'll pass anyway, though obviously I may be missing a good opportunity.
As we’ve stated prior, we believe: (a) auto sales rarely plateau, after years of strength (as the pundits, experts, and economists are calling for), instead falling drastically, and (b) US Steel mills (particularly U.S. Steel, Cliffs Natural Resources (CLF), and AK Steel (AKS)) have material leverage to US auto sales trends – both from a revenue perspective, but also, more importantly, from a margin perspective (due to the favorable mix – this is a key part of our 2017 short call on US Steel [X; SELL]). Furthermore, we remind our readers that, based on our proprietary US steel
supply/demand model, after US New Privately Owned Housing at 40% of demand, US Auto Sales are the largest contributor to US steel demand at 25%.
Thusly, on today’s news, we would be adding to short positions in X and Cliffs Natural Resources (CLF; SELL).
http://www.barrons.com/articles/u-s-...ews-1493739003