By Gareth Soloway on April 29th, 2010 12:57pm Eastern Time
Something I have noted recently is how the metal stocks have remained so weak in recent weeks even when the markets have ripped higher. It is truly something strange to behold. Today, it is no different. United States Steel Corporation (NYSE:X) is lower by almost 2.50% and AK Steel Holding Corporation (NYSE:AKS) is lower by 3.00%. The one bright spot is coming from a small bounce in Southern Copper Corporation (NYSE:SCCO) which is having a rare bounce day of 1.20%.
Bottom line is this. It is hard to take a market seriously when key stocks that make up an economic rebound cannot catch a bid. The chart on AK Steel is about as ugly as it gets. Show me these stocks hitting new highs and I may actually think the market has significant upside. Until then, I remain cautious on today's market bounce.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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