Purely from a technical perspective, yesterday's low in U.S. Steel (X) at 41.80 could have been a secondary, near-term double bottom low (with the August 31st low at 41.68) that concluded the most recent decline off of the Sept 8 rally peak at 49.14 -- and the initiation of a recovery rally to at least 46.00.

From a global perspective, if the SPX retains most of its gains into today's close, and then on Sunday evening the Shanghai Composite Index opens 1-2% higher, then game on again for the miners and industrial metals producers.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.