The powerful short covering bounce in the S&P steel index is starting to fizzle. The latest upleg had been driven by a surge in Chinese domestic steel prices. That, combined with news that the country plans to reduce steel capacity…

The heavily-shorted S&P steel index has enjoyed some relief of late, as short sellers were given an excuse to cover when China announced it would attempt to shut roughly 10% of its productive capacity in the next few years. While…

Confirming indicators still do not validate the oversold rally. Fade the materials sector bounce, by selling steel down to underweight.

A stunning 9.9 million-barrel build in U.S. oil inventories this week failed to arrest the upward climb in prices.