Purely from a technical perspective, yesterday’s low in U.S. Steel (X) at 41.80 could have been a secondary, near-term double bottom low (with the Aug 31st low at 41.68) that concluded the most recent decline off of the Sept 8 rally peak at 49.14 — and the initiation of a recovery rally to at least 46.00.
From a global perspective, if the SPX retains most of its gains into today’s close, and then on Sunday evening the Shanghai Composite Index opens 1%-2% higher, then game on again for the miners and industrial metals producers!
