Notable ETF Movers of the Day 09/17: (XLE) Higher; (SLX) (XHB)
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Rally in Steel Stocks Has No Legs - Analyst (AKS) (X) (MT) (NUE) (CLF) (MUSA)
September 17, 2012 11:00 AM EDTSince Sept. 7th steel stocks have gained 13 percent, outpacing a gain of only 2 percent in the S&P 500. The rally is tied in part to $157 billion in planned infrastructure spending in China and QE3 in the U.S. Despite the gains, analysts at JPMorgan don't think steel fundamentals are supportive of a continued move higher, which they say began largely as short covering. As a result, they downgraded a number of steel stocks... More
