Freedom Got an AK Steel

After some recent outperformance, the sell-off in AKS on news of an offering seems to be slowing down the steel sector today. Steels had been outshining the precious metals, both of which are housed in the XME sector ETF for metals miners, precious and otherwise, combined. 

As a result, names like WOR are coming in, and the likes of X  SCHN NUE are at least pausing. 

However, it is noteworthy to see the likes of Steel Dynamics, below on the daily chart, continue to shine as it works through a bull flag above all moving averages. I suspect STLD should do rather well if XME can stabilize here and steels regroup into the holidays. 

Indeed, relative strength is worth tracking throughout the mining complex. As we noted yesterday, FCX continues to rally after poor earnings. The copper miner has had every reason to plunge to fresh lows but instead is pushing session highs as I write this. 

More on the possible reason for this in my usual Midday Video for Members.