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Tuesday, September 8, 2009

Steel Setting Up

Precious metals may be leading the way in the fledgling commodities rally, but steel stocks are also starting to set up nicely in gold's more illustrious shadow. The group hasn't broken out yet, but may be on the verge of doing so and should be added to long watch lists. Shown below are charts of the Market Vectors steel ETF, SLX, and TS, a nicely positioned member of the steel producers set. Both charts show prices starting to launch out of bullish cup and handle patterns. Other sector stocks to watch include X, ATI, RTI, NUE, RS, SCHN, ZEUS, MTL, and STLD.

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