12%. That's how much Alcoa (AA) has lost on a one-month basis. The loss is even bigger since October. This pushes the year-to-date performance down to a solid 48%. So, what does this mean? Can we expect a further decline and should you secure your winnings or take last month's loss in case you bought the stock just recently?
One of the biggest drivers, if not the biggest driver, behind the industrial metal rally since the first quarter of 2016 has been accelerating economic growth. Most of my readers are probably aware of my methods, but I always use the ISM manufacturing index to monitor economic growth in the US. Simply because this index is leading, which means that it tells us what we can expect (soft data) in terms of real economic growth (hard data).