Steel Sector Slumps
The leading steel stocks have really struggled to catch a bid higher since mid-March 2012. Today, is really no exception for the important sector as most of the leading steel stocks continue to trade lower. U.S. Steel Corp (NYSE:X) is considered one of the leading stocks in the industry group. This leading stock is trading lower by 0.30 cents to $25.23 a share. Short term traders can watch for intra-day resistance around the $25.00, and $24.00 levels.
Some other leading steel stocks that are declining lower today include Nucor Corporation (NYSE:NUE), ArcelorMittal (ADR) (NYSE:MT), Steel Dynamics, Inc. (NASDAQ:STLD), and Schnitzer Steel Industries, Inc. (NASDAQ:SCHN). All traders should remember that the steel sector will usually trade inversely to the U.S. Dollar. Today, the U.S. Dollar Index is trading sharply higher and this is certainly putting pressure on the sector.