All at Once, Finally

On the back of AK Steel and United States Steel Corporation (X) gapping higher, alongside CLF MT, this morning, we are seeing steel stocks housed in the SLX sector ETF move nearly in unison up for the first time in a good while. 

Moreover, the XME, which is a general umbrella for most things related to materials and miners, is threatening to break away from a consolidation spanning several tedious months now. 

On the XME daily timeframe, below, a push over $33 ought to bring in more interested buyers. The rub, however, is that plenty of these names report earnings in the coming weeks, which is sure to provide plenty of obstacle course pitfalls for swing traders. 

Nonetheless, we have a few interesting steels on watch for Members which do not have earnings for about another month or so. 

An when the likes of CLF begin to rally along with sector titans like BHP FCX RIO VALE, it sure does offer a promising year-end scenario for materials bulls, especially if the Dollar remains soft.