Sunday, April 13, 2008

Money Continues To Flow Into Steel Stocks



Since January the S&P500 has been moving sideways, but as you can see in the above chart steel stocks have been trending higher. The Steel producers index (STQ) continues to make higher highs and higher lows.

There are 12 stocks in the STQ index. Some of the strongest components of this index are : AK Steel Holding Corp (AKS), ArcelorMittal (MT), Nucor Corp (NUE), Reliance Steel and Aluminum Co. (RS), Schnitzer Steel Industries, Inc. (SCHN), Steel Dynamics, Inc. (STLD), United States Steel Corp. (X).

It looks like the market may pullback a little so I'm going to keep my eye on the above steel stocks as potential longs if the market dips.

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