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Barring a global exodus from equities on a rotating timezone basis, I want to stay with AK Steel Corp (NYSE: AKS) for a number of reasons. Purely on a technical basis, so far today, the weakness has NOT violated the prior pullback low. Secondly, while the emini S&P 500 has come within two-tenths of 1% of its prior August 16 low, AKS remains $0.90, or 6.5%, above its 8/16 low.
It is no surprise to me that AKS exhibits strong relative performance versus the overall S&P index -- and we're looking for the stock to fulfill its upside potential towards 17.00-18.00 after this "swoon" runs its course.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
