After enjoying sturdy growth for most of the past decade, the steel
industry suffered a setback in 2008 due to the recession, as consumers
started utilizing existing inventories rather than buying new stock.
However, the industry turned around in late 2009 and continued to grow
thereafter, in tandem with global economic recovery.
Demand for steel benefited from the spurt of growth witnessed in the
developing economies that helped counter the sluggishness in developed
economies. Asia -- particularly China -- continued to act as the
principal growth driver. (more)
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In
a commentary for Marketwatch just over two months ago, I predicted that
the U.S. stock faced at least a 20% correction. The signals now point
to a 30% downturn.
zerohedge.com / by Tyler Durden on 10/27/2014 18:21The 76% retracement S&P 500 rebound was so quick and so steep that Sterne Agee’s Carter Worth warns it “suggests that the mentality that fosters complacency and excess in the first place, remains in effect. And that means, of course, that nothing has been corrected.”
Low volume bounce squeeze “fixed nothing”…
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