Can You Guess Which Sector Made Six-Year Highs Today?

Well, not quite six-year highs yet, but steel stocks in the SLX ETF hit their highest collective level today, at $51.91, since May 2012. 

On the SLX daily chart, below, note the move up and out of the high and tight bull flag today. We all know names like X garner much attention, but there are plenty of other steels which are sporting alluring setups for longs, such as Reliance Steel (RS). 

Moreover, you will also note how well the SLX held up this month especially compared to other commodity-related stocks like energy. Indeed, steels seem to be a bit overlooked these days by traders who would rather focus on the momo-du-jour instead. 

Elsewhere, I see GE is putting in a "hammer" reversal candlestick here after a strong downtrend. While the stock may still go into single digits long-term, perhaps the stodgy old-timer finally gets some short-term relief.