Metal Monday January 24, 2022 with Nick Snyder and Brett Ekart.
Play the youtube video and follow along with the text below.
Nick Snyder:
All right. Metal Mondays here. And some people have sent me a few things calling it a Bloody Monday. You know?
Brett Ekart:
Bloody for the stock market for sure.
Nick Snyder:
Yeah.
Brett Ekart:
Copper's off.
Nick Snyder:
Copper bloody.
Brett Ekart:
Yeah. But not crazy, but it definitely was. I think-
Nick Snyder:
We just lost our gains. We didn't-
Brett Ekart:
Yeah.
Nick Snyder:
We just lost the gains. So we were at 450. We're down at 440, maybe 438 now.
Brett Ekart:
Aluminum's tracking up again. I mean, it would kind of... It was off on Friday and it looked like it was positive today.
Nick Snyder:
Nickel came off its 10-year high. But-
Brett Ekart:
Nickel was getting beat up, but it's-
Nick Snyder:
... the fact that I said 10-year high in there too.
Brett Ekart:
Yeah.
Nick Snyder:
Maybe it's just a natural crush [crosstalk 00:00:51].
Brett Ekart:
Well, I mean really you see... I mean, it's the Dow. The Nasdaq is getting crushed. You know? I mean all of them. The S&P is... Nobody's getting loved today on the stock market end, but the reality... Like, what I looked at is... I mean, Rhodium's up.
Nick Snyder:
Yep.
Brett Ekart:
Palladium's up. Platinum's off a little bit.
Nick Snyder:
[crosstalk 00:01:11]-
Brett Ekart:
Silver and gold. But I mean, two of the metals that right now that I probably watched the hardest are up. So it is what it is. I mean, coppers going to do its thing. I still feel pretty good about this market. The stock market getting crushed like it is, I don't know that bodes really well for the steel for the fairer side.
Nick Snyder:
Mm-hmm (affirmative).
Brett Ekart:
But then again, I mean, I don't know. We'll see. Time will... Depends how what people can get shipped in January.
Nick Snyder:
What does the stock market getting crushed like it is today? Does it have any effect on our US dollar's strength?
Brett Ekart:
You know what? I think it's more consumer confidence.
Nick Snyder:
Okay.
Brett Ekart:
Like, when the stock market's, like the way it's been lately, let's say the last couple weeks, or since the beginning of the year, it's kind of been getting hammered. I think it's more of a consumer confidence, business confidence, people feeling good about moving forward with the project or not, which then kind of plays into the dynamics of whether they're willing to commit to building a building or consuming more steel. Right? And so I feel like, just as just my opinion, that the steel market's a little more sensitive to the stock market, at least from my experience. And I could be 100% wrong. Somebody could probably put a chart in front of me and say, "Wrong," but that's kind of the way I see it is-
Nick Snyder:
There's some separation. [crosstalk 00:02:41]-
Brett Ekart:
Yeah. And the dollar strength too. I mean, it's going to be interesting to see. I mean, China's about to juice their economy in my opinion. I mean, they already are, and I think they're going to go harder. And so, I think the dollar will go. You know? We'll gain some strength that way, but also that they're big consumer of commodities. And we saw this happen in 2011, '10, '11.
Nick Snyder:
Mm-hmm (affirmative). Yep.
Brett Ekart:
I mean, we saw the same thing. And if our market gets whacked here, we've seen some good commodities runs when that's happening. So time will tell.
Nick Snyder:
Okay. Well, I guess we'll wait and see what happens next... Is next week will be February-
Brett Ekart:
I know. Dude, it's... Yeah.
Nick Snyder:
Yeah. We will.
Brett Ekart:
Towards the end of the week. Right?
Nick Snyder:
Holy smokes. Yeah. So we're already going to be into February here soon. And then, we'll start talking about ferrous. We'll see where that lands. You know? We'll see if it goes up. We'll see if copper recovers. We'll see how these PGMs what they do and we'll go from there.
Nick Snyder:
Oh. Let's talk about our Football Friday though.
Brett Ekart:
If you want to make money in Vegas, just listen to the Football Friday. And if you do what exactly the opposite of what I tell you to do, you'll do good.
Nick Snyder:
Yep.
Brett Ekart:
Yeah.
Nick Snyder:
I had... One of our... David Hughes from Copper Reclaim was in Vegas and I had to put a $50 parlay bet in for me. Didn't go well. [crosstalk 00:04:06]-
Brett Ekart:
Dude, if you would've told me that all the road dogs, other than... I mean, in the Rams, I mean... Dude, I mean, at the end of the day, if you would've told me that that was going to go that way, I would've laughed you out of the building. And now, I'm the one sitting here getting laughed at.
Nick Snyder:
Mm-hmm (affirmative).
Brett Ekart:
But I would've never thought Rogers would've lost, Brady would've lost at home. I mean, the Titans would've lost at home. That was probably the... I mean...
Nick Snyder:
I think the Rogers-
Brett Ekart:
Chiefs damn near lost at home at Arrowhead. I mean-
Nick Snyder:
That was a-
Brett Ekart:
They shouldn't have won, but-
Nick Snyder:
... probably the best playoff game I've ever watched to be honest.
Brett Ekart:
That was a great game.
Nick Snyder:
Most of them, all of them were-
Brett Ekart:
Yeah.
Nick Snyder:
Well, we're going to do it again this Friday.
Brett Ekart:
Here we go.
Nick Snyder:
So if you guys are betting out there, just take our bets and go opposite.
Brett Ekart:
Exactly. Exactly.
Nick Snyder:
All right.
Brett Ekart:
All right. Everybody, have a great week. Thank you.
Nick Snyder:
Thank you.