NUE - Nucor

In response to Steve Abraham at thebulltrader.com, here's my analysis of Nucor. A 6 year, weekly chart shows a clearly defined uptrend - so for the long term, I'm bullish.

Shorter term, however, is a little more dicey. Check out the huge volume last Friday - NUE hasn't seen that much daily volume in about 5 years. It sliced right through the 50DMA. I think you could start buying NUE, and stop out if it closes below Friday's low. It wouldn't surprise me if NUE sinks down to $65, a 10% drop from here. Below shows a 9-month, daily chart.