By Gareth Soloway on June 28th, 2010 1:13pm Eastern Time
The steel and copper stocks were leading indicators on the markets sell off. They started dropping before the markets in early May and continued. In this latest sell off over the last week, they have stopped leading to the downside and started to consolidate in a bullish pattern. This needs to be watched very closely as these stocks are leaders of the market and could tell us more about the coming market moves.
United States Steel Corporation (NYSE:X), AK Steel Holding Corporation (NYSE:AKS) and Southern Copper Corporation (NYSE:SCCO) are all lower today but still holding a beautiful bullish consolidation pattern. This may dictate a move up in these stocks in the near future. In addition, as leading indicators, these patterns should be look at as a market barometer. To get exact entries, swing trades, guidance, education and more, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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