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U.S. Steel, founded in 1901, is an integrated steelmaker with more than 22.4 million tons of manufacturing capacity at plants in North America and Central Europe. The company's four reporting segments are Flat-Rolled Products, Mini Mill, U.S. Steel Europe, and Tubular Products. In addition to its steel manufacturing assets, the company has iron ore and coke production facilities, rail and barge transportation operations, real estate, and engineering and consulting services. The company has approximately 22,000 employees.

The ugly December days are adding up, but indices continue to hold recent lows. Although the S&P SmallCap 600 (SML) made a very minor closing low on Monday, we would not classify that as a breakdown. The S&P 500 (SPX), the S&P 100, the Nasdaq, and the Nasdaq 100 all fell between 1.1% to 1.3%, while the S&P MidCap 400 and SML both gave back 0.7%. Sector weakness was seen in Consumer Discretionary (XLY -1.6%); Materials (XLB) and Information Technology (XLK), down 1.3%; Healthcare (XLV) and Consumer Staples, off 1.2%; and Communication Services (XLC), Industrials (XLI), and Financials (XLF), off 1%. Energy (XLE) led with a flat day as natural-gas futures exploded over $4 and finished at $3.91, up 16%. Coal, Exploration & Production, Pipelines, and Oil Equipment & Services led the Energy sector. Short-term technicals are a bit challenged and we would not be surprised to see further weakness. The five-day/13-day exponential moving average (EMA) crossover is bearish for the SPX and the index already has lost its 50-day average. A break below its recent low near 5,830 would complete a small head-and-shoulders top with declining neckline, adding to the bearishness of the pattern. The SPX also is back below the lower trendline of the bull channel that started in August. The 21-day rate-of-change (ROC) is negative, while the daily Vortex indicator is in bearish territory. The only weekly bearish indicator is the NYSE-Hayes High-Low Signal, which is warning of more downside. Most other weekly indicators are still bullish. A break to new S&P 500 lows would open the door for a possible drop to multiple supports in the 5,600 to 5,700 region.

ELDORADO GOLD CORP has an Investment Rating of HOLD; a target price of $15.000000; an Industry Subrating of Medium; a Management Subrating of Medium; a Safety Subrating of Medium; a Financial Strength Subrating of Medium; a Growth Subrating of Medium; and a Value Subrating of Medium.

FRANCO-NEVADA CORP has an Investment Rating of SELL; a target price of $94.000000; an Industry Subrating of Medium; a Management Subrating of Medium; a Safety Subrating of Medium; a Financial Strength Subrating of Low; a Growth Subrating of Low; and a Value Subrating of Medium.