Update: Steel stocks remain strong despite overbought market concerns

US Steel (X) remains strongly in a uptrend. In our initial Buy recommendation dated November 29th, X had pulled back from a breakout of a two month base. Now it has continued its upward trend breaking its old April '06 high of $77.77. Expect a mild pullback as the market prepares for next week's Dec. 12th FOMC meeting. Other steel names and related metal names approaching new highs and trending higher include : AKS, CLF, OS, NUE, ATI, PCU.