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).
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.
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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.
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.