Steel- Capitulation or More Pain Ahead?

Good Morning. Futures are off slightly as we await the blah blah from the Fed minutes. Let me guess, we are going to keep rates low and use everything in our arsenal to prevent Armageddon.

Let''s see how long this non existent volume rally continues. Folks are getting way to giddy and complacent for my taste. See you on twitter.

Steel

Steel has moved through the 50 day on light volume. I think next week is the test for many sectors and the market in general. Will the bulls feel emboldened and bring the volume back? If so, this should proceed higher, if not, they could end up being nice quicky shorts . We'll see. Should be a fun week.

Lets Review, Shall We???

ICE down $10 and XOM down $3, CF down $13(twittered), AGA up $2.73, ESV down $5.50(twittered early)DRYS down $6.77 (twittered). Also some XME and JRCC short. sorry, can't get em all out. I was also short MOS for about four points. I am trying my best to be as interactive as possible here. Do your own due dilly but these continue to be the names and sectors that are working for me.

These were all my long/shorts today, all short actually, except for AGA which I posted yesterday and am holding overnight. They were on the blog either through a post over the weekend, or a twitter and post this morning. I hope you guys had a chance to grab a few names. Let me know how you did? I'd like to think these ideas are helping.

If I wasn't just short the commodity sector I would have thought the market was down 300 points, because they absolutely CRUUUUUUUSHED the sector. That's why I kept AGA overnight. This reminds me of the early days on the fianacials when everybody who was long had that "uh-oh" moment and just said get me the hell out. It had that kind of feel, and these names aren't coming back anytime soon.

I really though the financials would implode as they opened very soft after Meredith Whitney made negative comments about the sector on CNBC this morning. I still think there will be more pain there and will be watching the group carefully for opportunistic shorting set ups. Thain just said "if the world stays the same, banks won't have to raise more capital". First off ,the man is a liar, and when does the world ever stay the same?

Coal, steel, ags and oil. Look out below, but also watch for the vicious upside bounce that's coming.