RS Stands for Relative Strength

Into this most recent consolidation for miners and steels, what we like to do for Members is to point out an update group of names holding up well, or exuding relative strength. 

Reliance Steel is easy to remember, then, a name we had previously noted as being not far from its prior 2008 highs (which is a claim very, very few global miners or steels can make).

Based on Los Angeles, RS may benefit from the political winds blowing in favor of protectionism this election season.

But beyond politics, note the daily chart, below, not showing much in the way of damage while other steels came in hard. 

If the Dollar starts to soften up again, I suspect RS will outperform its peers, even if it is a lower beta name than the likes of AKS GGB SID.