28Mar12:52 pmEST
Wiener Schnitzer for Lunch to Ease the Holiday Hangover
The indices are fighting back to green into the New York lunch hour, as the morning selling proved to be fairly benign, once again. TSLA, for example, is regrouping after the inevitable pullback it saw last week following its very steep rally into March.
Meanwhile, crude oil and precious metals/miners are taking a backseat to the upside action, even with the U.S. Dollar soft today. The weakness in the likes of GDX and GDXJ today probably means some more consolidation awaits.
While that is happening, the steels are impressive, once again, on the back of last Thursday's strength. Schnitzel Steel, below on the daily timeframe, despite being relatively thinly-traded is acting very well here. I am looking to see if other steels follow into the afternoon for fresh long entries after their recent tight consolidations.