This morning, all of the leading steel stocks are declining despite an early stock market bounce. United States Steel Corporation (NYSE:X) is considered the leading steel stock in the sector. X stock is declining lower by $1.14 to $27.08 a share. Short term traders can watch for intra-day support around the $26.95, and $26.50 levels. The daily chart support for X will be lower as the stock is trading below the important 50, and 200 moving averages.



Some of the…

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This morning, most of the leading steel stocks are trading slightly lower on the session. The important steel sector has been declining since March 19, 2012. The sector still looks as if it can have further downside in the near term before any meaningful bounce can take place. The leading steel stock that most traders follow is U.S. Steel Corp (NYSE:X). Today, the stock is trading lower by 0.41 cents to $28.42 a share. This stock will have some daily chart support around the $27.50,…

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All of the leading steal stocks are selling off this morning. This sector has been very strong over the past week and today's decline could just be a short term pullback. U.S. Steel Corp (NYSE:X) is considered the leading stock in the sector. This morning, X stock is trading lower by $1.01 to $30.26 a share. Short term traders should watch for intra-day support around the $29.90, and $29.00 levels.



Most other leading steel stocks are also trading lower today.…

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This afternoon, all of the leading steel stocks are holding up very well. The strength in the steel sector is partly coming from a weaker U.S. Dollar Index. All traders should remember that anything that contains a metal will benefit from a weak dollar. Leading steel stocks such as U.S. Steel Corp (NYSE:X), Nucor Corp (NYSE:NUE), AK Steel Holdings Corp (NYSE:AKS), and Steel Dynamics Inc (NASDAQ:STLD) remain strong on the daily charts. These stocks look as if they could have a little…

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This morning, all of the major stock indexes are trading sharply lower. The problems in the European Union and the possible bankruptcy of MF Global Holdings Ltd (NYSE:MF) seems to be too much for investors. The real catalyst for today's decline is the strength in the U.S. Dollar Index futures (DX Z1), which are trading higher by 0.94 cents to $76.15 per contract. When the U.S. Dollar Index rallies the major stock indexes deflate and trade lower. Since October 4, 2011 the U.S. Dollar…

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The industrial metals are leading the markets lower this afternoon. Leading commodity stocks such as Southern Copper Corp (NYSE:SCCO), Rio Tinto plc (NYSE:RIO), BHP Billiton Ltd (NYSE:BHP), and Vale SA (NYSE:VALE) are declining sharply lower. This industry group has shown weak relative strength when compared to the major stock market indexes. Since the October 4, 2011 stock market low these leading stocks have been unable to trade above their daily chart 50 moving averages, meanwhile,…

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This morning, the leading financial stocks and the leading industrial metal stocks are declining. These two sectors have been weak since April 2011. This morning, the financial stocks are trading lower after the financial giant J.P. Morgan Chase & Co (NYSE:JPM) reported earnings. Traders and investors obviously did not really believe the results posted by the company. JPM stock is trading lower by $1.53 to $31.67 a share. Other leading financial stocks such as Morgan Stanley…

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As you all know, the major stock indexes have soared over the past week. The Dow Jones Industrial Average (DJIA), the NASDAQ Composite, and the S&P 500 Index have all surged sharply higher recapturing their daily chart 50 moving averages. Whenever an index can recapture an important moving average that is usually a sign of short term strength. Here is the problem with this recent rally if we can find one. The base metals still remain very weak.



Leading base metal stock such as…

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The one sector in the stock market that has been absolutely annihilated since July 2011 is the commodity sector. Since the March 2009 stock market low it has been the commodity stocks that have inflated and traded higher leading the major stock indexes. However, all of the industrial metals and leading commodity stocks have lead the markets lower throughout 2011. This morning, many leading commodity stocks are trying to inflate higher. The bounce in many of these leading stocks is… Continue

This morning, the major stock market indexes are starting the day higher in anticipation of another European Union bailout. There are rumors and news reports out there saying that the European bailout fund will be increased, other reports say that Greece will remain in the European Union. The truth is that nobody really knows what is really going on in Europe. What traders do know is that the U.S. Dollar Index (DXY) will usually trade inverse to the major stock indexes. When the DXY… Continue

Once again, the major stock indexes are declining as the U.S. Dollar Index futures(DXY) soar higher today. This morning, the DXY is trading higher by $1.15 to $79.01 per contract. The only way that this stock market bounces or rallies higher off the morning lows is if the DXY pulls back or declines intra-day. Over the past ten years the only way the DXY has been the tool or vehicle used to inflate this stock market higher.



Last night and this morning, all of the… Continue

This week the major stock indexes have traded sharply higher. The Dow Jones Industrial Average (DJIA) has staged four consecutive winning session. The last time the DJIA has rallied for four consecutive sessions we have to go back to late June. Today is also options expiration which is also part of the reason for the rally. When there are too many put options in the market around expiration the institutions will usually take stocks the other way, in this case higher. The real reason for… Continue

The markets are lower on fear that the bill to raise the debt ceiling and cut spending will not pass this evening. Many politicians have come out publicly today voicing their displeasure with the bill. After a major gap higher in the U.S. markets, they fell sharply. The SPDR S&P 500 ETF (NYSE:SPY) is currently trading at $128.01, -1.32 (-1.02%).



AK Steel Holding Corporation (NYSE:AKS) is trading at $11.70, -0.45 (-3.70%).  The stock has been hammered since earnings were released… Continue

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