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“I was never afraid to go back to Pittsburgh and work in the steel mills.” – David Tepper, when asked where his “preternatural confidence” when making trades comes from.
In the early 1910s, Harry Brearley of Sheffield, England was trying to help the British army solve the problem of erosion on gun barrels. On this day in 1913, his mixture of 12.8% chromium with molten iron produced what turned out to be a rust-less metal. Stainless steel was born, and it would go on to revolutionize modern manufacturing.
Dow futures are higher this morning as index member Disney (DIS) is set to gap higher by more than 5% on a strong earnings report released after the close yesterday. “New economy” stocks like DoorDash (DASH) and AirBnB (ABNB), on the other hand, have thus far failed to impress investors with their earnings reports. Both companies are set to gap quite a bit lower.
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We referenced steel above because this is a group that has rallied nicely over the last couple of weeks on infrastructure news (and a general bounce in cyclicals). The Steel ETF (SLX) is a way to play the entire group, and as shown below, it just managed to make a new closing high on Wednesday before pulling back a bit yesterday.
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