I agree with the previous posts. Speculators buying in the upper range and selling out is really the source of it's 'weakness'. From a long term perspective(monthly bar charts), keeping in mind SIM's recent daily chart action, the likelyhood of it bottoming out here in $5 range is high. If this is the bottom, SIM's recent severe decline could be viewed, on a long term chart, as the common sharp shakeout action that occurs right before the fast suckerbait rise that leads to a long term cycle top.
I must admit that this is a critical time for SIM; it's bottom NOW or BUST. That being said, I am long SIM and bought more this morning for the big pull to $15ish. I would be an a ccumulator in this range if I owned SIM. If I had no previous stake in SIM, I would wait for it to confirm a bottom(a h&s bottom on the daily chart would be really sweet here) before I went long. Profitable investing to all you SIM longs. Hang in there. The steel story is not over yet.