Today’s Chart of the Day was shared by Brian G (@alphacharts). It's a monthly bar chart of the Steel ETF, $SLX, over the past decade. The heaviest weighted stocks in this ETF include, $RIO, $VALE, $NUE, $MT, and $TS. Steel stocks continue to outperform the broader market by a significant margin. $SLX is up more than 30% year-to-date, while the S&P 500 is down more than 6%. While it may seem like the train has already left the station, Brian points out that Steel stocks look poised to continue higher. As you can see, $SLX is attempting to break out of an 11-month base, on top of a 10-year base. You know what they say about big bases..."the bigger the base, the higher in space!"
Chart of the Day - Wednesday, April 13th, 2022
April 13, 2022
