EARN25

Slashed Forecast Sends Steel Stock Lower

NUE is still up over 21% in 2023

Digital Content Manager
Sep 15, 2023 at 10:26 AM
facebook X logo linkedin


Nucor Corporation (NYSE:NUE) is down 2.4% at $161.60 at last check, after the steel producer placed its outlook for the fiscal third quarter below analysts' estimates. NUE still sports a 21.7% year-to-date lead, and the 100-day moving average looks ready to contain today's losses, meaning now may be a good opportunity to take advantage of its pullback.

Options traders are already chiming in on the update, with 2,670 puts and 1,182 traded so far, which is five times the intraday average volume. Most popular by far is the September 160 put, though new positions are today being opened at the 142 put in that same series.

The options pits have been majorly bullish. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security carries a 50-day call/put volume ratio of 1.58 that sits higher than 98% of readings from the past year.

Premiums are affordably priced at the moment, too. This is per Nucor stock's Schaeffer's Volatility Index (SVI) of 28% that sits higher than only 15% of annual readings, suggesting these traders are currently pricing low volatility expectations.

 

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!