January 29, 2013 at 16:15 PM EST
Why Steel ETF Has Bottomed After Lagging For So Long
Robust gains in Steel Dynamics (STLD) and Cliffs Natural Resources (CLF) pushed the global steel makers ETF ahead of the stock market Tuesday. After severely underperforming the market for the past four years, many of the ETF's underlying holdings have formed bullish, cup-with-handle patterns. This suggests they may be forming a bottom and have started to recover from historically low demand. In afternoon trade, Market Vectors Steel ETF (SLX) was
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