In case no one taught you this, here’s a trading maxim to remember for days like today and weeks like this one:
“They take the stairs up but the elevator down.”
In general, stocks work their way higher way slower than they give it back…one of the most frustrating parts of being an investor.
As of this writing, US Steel (X) is down 6 and change on the day, unwinding a 20 point gain it put on since the middle of December. In other words, the stock lost 5 weeks worth of gains in 4 days.
Because China’s central bank told its bankers to chill out with the loans.
Them’s the breaks.