This morning, the leading steel stocks are trading higher on the session. Last night, the People's Bank of China (Chinese central bank) announced that they would add $42.0 billion to the it's financial system. This news caused the Shanghai Index to surge by 2.0 percent on the trading session. When the Chinese markets trade higher most stocks in the base and industrial metal sectors will trade higher. ...
The leading steel stocks have really struggled to catch a bid higher since mid-March 2012. Today, is really no exception for the important sector as most of the leading steel stocks continue to trade lower. U.S. Steel Corp (NYSE:X) is considered one of the leading stocks in the industry group. This leading stock is trading lower by 0.30 cents to $25.23 a share.
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.
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).
The Bernanke Effect is wearing off. Monday, Federal Reserve Chief Ben Bernanke gave the markets a positive statement towards more quantitative easing. The markets roared sharply higher, making new 52 week highs. However, with the markets trading up 30% since the lows of late 2011 it was short lived.
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.