Schaeffer's Playbook of the Week is off to a rip-roaring start
Schaeffer's has a new product we are excited to share! Our Playbook of the Week, delivered every Monday, is an exclusive 30-45 minute live trader panel. It features the trading expert’s take on the current market and hot sectors, a primer on specific usage of Schaeffer’s proprietary trading analysis, a deep-dive into an equity at the top of our watchlist for the week, and a complete question-and-answer session.
Schaeffer's Senior Market Strategist Bryan Sapp, CFA, has hit his stride identifying a short-term bullish watch list. Below is an excerpt from his commentary on the aluminum sector, in focus recently amid the Ukraine-Russia crisis.
"Aluminum prices went higher on Tuesday morning, as everyone was anticipating that aluminum would be part of the sanctions. Aluminum was actually not included in the sanctions against Russia. So that led to that big decline off the highs Tuesday morning. Aluminum stock Alcoa Corp (NYSE:AA) worked off the overbought readings, pulled back a little bit, and then buyer stepped back. I think the story is intact, it doesn't need aluminum sanctions against Russia for the stock to continue to rally. There's nice set up there."
Since Sapp's comments above on Monday, Feb. 28, AA has tacked on 7.7% week to date and scored a record high of $85.73 on March 1. Base metals are red-hot as Russia's supply woes worsen, which means Alcoa stock could build on its already sizable 40% year-to-date gain.
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