By Nicholas Santiago on April 29th, 2010 12:44pm Eastern Time
The major market indexes are all rallying higher today. The worries out of Europe seem to be subsiding today as the Euro trades higher against the U.S. Dollar. The bull run seems to be alive and well once again after the scare in the market earlier in the weak.
Today we do have a few leading stock names that are not participating in the strong stock rally. The first major stock that is declining today is Proctor & Gamble Co (NYSE:PG). The stock is trading lower by $1.53 to $61.65 after reporting earnings that failed to beat analysts expectations. This stock does have short term daily chart support around 61.00 area and more around the 60.00 level.
The next major name that is not rallying with the rest of the major stock indexes is United States Steel Corp (NYSE:X). This is a leading stock in the steel producing industry. Today the stock is lower by $1.34 to $57.08. The stock has short term daily chart support around the $55.00 level and more around the $50.00 area.
Finally the last major name that is declining sharply today is Cliffs Natural Resources Inc (NYSE:CLF). This stock is a leading iron ore pellet producer and a market mover. Today the stock is trading sharply lower after reporting earnings. Cliffs Natural Resources Inc is trading down $5.11 to $65.08. The stock will have short term daily chart support around the $61.00 area.
Rarely does the market rally so sharply to the upside without some of its recent leading stock names. Today the major indexes are all sharply higher, however, they have left a few leading names behind. The leading sector today looks to be the Dow Jones Transportation Average (NYSE:IYT).
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