United States Steel Corporation (X)

[tootalljones]

The Tech Takedown continues. The vast majority of tech stocks are down at least 40%, and should go far lower.
The 5 or 6 Captains of the tech world, tsla,google,facebook,msft,aapl, ...must also go dramatically lower, and the possibility is, that at least some of this Mt Everest size money, will come into a stock with a PE of 1.85, and a superb balance sheet and making half of its market cap in a single year.

If any significant percentage of tech investors diversity to commodities, X is an unavoidable stock for them to consider. The money in tech is ginormous....just a whiff will put X up to 45 bucks fairly quickly.

Tech has become over the past 20 years a major portion of the S + P, i think somewheres around 35% (although now going down)....so this index getting hammered is not necessarily bad, provided it comes from tech stocks with PEs that average 50.