In yesterday's post - Research In Motion Limited, Baidu.com Inc, and Akamai Technologies Lead the PowerShares QQQ Trust - I noted what stocks had led the QQQQ off the January bottom. The top performer on that list was Steel Dynamics, Inc. (STLD).

A few week ago I touched on the steel stock melt up and we saw that Steel Dynamics shares didn't seem to be garnering much interest from the Street. As yesterday's post showed, that is still the case. According to Zacks, only 3 of 7 analysts (43 percent) rank the stock with a "buy" rating. A look to our option data suggests few traders are betting on continued performance there as the front-month open interest configuration shows relatively little in the way of call build-ups.

The all-around lack of optimism is interesting when you consider the stock's performance. The weekly chart shows a steady long-term trend while the daily chart shows the breakout above former resistance near 30. That zone would now be expected to search as short-term support.

Chart Courtesy of Thomson Financial

Chart Courtesy of Thomson Financial