Reminiscent of its steep drop during the Great Depression, U.S. Steel has made exactly zero progress since its jaw-droppiung crash in 2008. Much like the coal stocks, the inferences drawn from this price action center around the notion that the global economy is nowhere close to the kind of green shoots recovery many had argued. Of course, the S&P 500 is still above 1300, and many other stocks and sectors have seen incredible performances off the major March 2009 bottom.
Despite that, I keep coming back to charts like these and try to make sense of them. We know they are clear laggards and can only be viewed as bottoming plays, rather than as healthy momentum names.
My late-night question to you, as an open thread, is this: Whether this chart of X is more indicative of where the global economy actually stands, of if a stock like the surging WMT is a better indication? Mind you, I will trade price and respect the technical structure of the market above all else. But I do think about these things, too.