Market Forecast: Choppy with a Chance of Thunder Bolts

Amid the many complaints by traders about today's boring, choppy session, a few under-the-radar names are moving interesting moves. 

To follow-up on the theme we discussed in yesterday's full-length Weekend Video Strategy Session for Members (which I posted here on the main site, too), protectionism could easily be a developing theme for U.S. steel firms in this election cycle. 

And if that is the case, domestic steels should outperform. AKS NUE STLD X are some obvious plays which many traders monitor. 

But we have also been looking to ferret out the best of the best technical setups among these domestic steels. 

Reliance Steel has been a topic of prior blog posts. In addition, Olympic Steel (ticker symbol ZEUS) is extremely under-watched. We noted the setup for Members this morning as being a triangle consolidation in the context of an uptrending chart. 

And when we update the daily chart, below, the Ohio-based speciality metals name is surging up and out of that triangle. 

Going forward, if the indices stay rangebound I suspect a premium will be placed on stock-picking underrated names like ZEUS in lieu of simply directional options betting on marquee issues like GOOGL NFLX PCLN SBUX V, etc., which many traders who began trading in 2013 became accustomed to as standard practice.