Cliffs Natural Resources (NYSE: CLF) was nearly a $15 stock last month and closed near $24.50 Monday. South Korea’s Posco (NYSE: PKX) “has the elements in place for an upside breakout of its own, including rising momentum indicators and a break through its 50-day average,” reports Michael Kahn for Barron’s. Cliffs and Posco combine for over 10% of SLX’s weight.
Further cementing the notion that buyers are stepping into SLX is that on Monday, the ETF touched $44 for the first time since May on volume that was nearly five times the daily average.
Market Vectors Steel ETF
ETF Trends editorial team contributed to this post.