Perhaps this would also help the Dow Jones Industrial Average as a whole, or at least help it to perform relatively well compared to broader indices grappling relatively more with the financials and industries still succumbing to the credit market fallout. Steel may also pick up more quickly than other industrial metals, because the ability to stockpile inventories is rather less and therefore any pickup in demand relative to supply should perk up its price more swiftly. I've included "steel" in the news feeds topics (lower right side of the page) - so click that anytime, to help track developments in the steel market.
Without trying to weigh in too strongly on the fundamentals, I'm keeping an eye on US Steel (X) as a way to gauge this. I've stepped in a bit ... but will stop out if we lose critical near-term support ... and will step in more heavily if price and the indicators show improvement. Here are some thoughts I've marked on the charts. The comments about potential targets are quite preliminary. If price gets to targeted higher levels, then I may use that to TMAR (take money and run) on some of a position while playing the rest according to how the Elliott Wave pattern and indicators are showing.
It can be interesting to "cross reference" to the commitment of traders (COT) chart for copper - also a building material, though perhaps subject to more speculation - where the commercial positions as of Tuesday (Jan. 20) actually showed their net long position continuing to increase:
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