Steel Breaks Out

Dow: +142.79...
Nasdaq: +29.83... S&P: +12.15...

Another day, another record close for the major averages. The key indices backed away from their best levels during afternoon action, but still kept the bulk of their gains.

Trump's upcoming tax-related announcement was yet again the driver of today's bullish sentiment. Investors have pushed the stock market higher since last Thursday when Trump promised to deliver a "phenomenal" tax reform plan in the coming weeks.  Personally, I like to underpromise and overdeliver when I can, Trump is setting the bar high, so he better deliver or the market could get disappointed.

The steel sector was hot today and broke out, up almost 4%. This morning, China announced that they may impose restrictions on their steel and aluminum production.  Stocks like NUE & X were up almost 5%.

Also notable today was the action the metals and mining sector.  XME made two and half year highs.

We didn't see any real shakers today in the portfolio although ICPT got a little perky and popped 3.5%.

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