TheStreet.com's Jim Cramer says at least one country is getting it right when it comes to economic stimulus.

How in the heck can you get 16% industrial growth and lower-than-expected consumer price inflation? How is that possible? Yet that's what we saw from China last night, and that's a tonic to pretty much everyone who is waiting for our own stimulus to kick in.

And we need it.

On Monday, Fluor (FLR) (Cramer's Take), the giant construction company, when asked if it could quantify the value of stimulus dollars currently in backlog, said "Really, the only stimulus funding we have seen directly has been the award that we got at Savannah River for some nuclear soil remediation. And, it was, I would say, we're less than $0.5 billion."

Not-for-squeamish U.S. Steel (NYSE: X) is rising on schedule, despite a recent pull-back, which is why I'm reiterating my Buy rating for the company, first recommended on April 15, 2009, at a price of $27.61. If you bought X in April, you're up about 28%.

The rationale for owning X's shares remains the same. U.S. Steel will likely be a survivor in the consolidating global steel sector with sufficient scale to either produce raw materials and acquire raw material assets.

It was good news bad news for the steel industry Tuesday. AK Steel Holding Corp. (NYSE: AKS) and United States Steel Corp. (NYSE: X) both reported better-than-expected third-quarter results. But for U.S. Steel, it was the third straight quarterly loss as the economic downturn continued to drag down demand.

For the three months that ended in September, U.S. Steel said it lost $303 million, or $2.11 per share. That compares with a profit of $919 million, or $7.79 per share, in the same period of last year. Revenue for the quarter fell 61% to $2.82 billion. Analysts surveyed by Thomson Reuters had expected a loss of $2.87 per share on revenue of $2.72 billion.

U.S. stock futures drifted higher Tuesday morning, pointing to a somewhat flat beginning on Wall Street this morning after yet another sell-off day Monday despite a series of strong earnings releases. Investors await several economic releases due out this morning, including housing and consumer confidence, looking for direction.

Economic releases this morning include September durable goods orders at 8:30 a.m. Eastern, which is expected to have risen. At 9 a.m., the August Case-Shiller Home Price Index is due out. Prices are expected to have continued their slide. At the same time, October's Conference Board reading on consumer confidence will be released. Economists expect confidence has improved slightly.

I'm Reiterating my Buy rating for United States Steel Corporation (NYSE: X), first recommended on April 15, 2009 at a price of $27.61. Shares are up a cool 59.5% since that time.

The rationale for owning X's shares remains the same: US Steel will likely be a survivor in the consolidating global steel sector with sufficient scale to either produce raw materials and acquire raw material assets.

TheStreet.com's Jim Cramer says the plunge in China overnight is being blamed on the industrial metal, so expect some carry-over.

It turns out copper was the metric. Drats, I thought it was the dollar or oil. I thought we were supposed to buy the cyclicals on earnings being better than expected. I thought we might be buying the minerals and the steels and the oils off the morning proxy of the Baltic Freight Index, known as the Baltic Fright Index in the days when it kept going down, and kept us out of the Freeports (NYSE: FCX) (Cramer's Take) and Vales (NASDAQ: VALE) (Cramer's Take) and Union Pacifics (NYSE: UNP) (Cramer's Take) and U.S. Steels (NYSE: X) (Cramer's Take).

Silly me.

U.S. stock futures declined Tuesday morning after managing to close higher on Monday to extend the remarkable rally in the markets in the last two weeks. Today, more earnings are on tap, and investors will also focus on housing data coming out before the opening bell. Finally, there is a hearing about the energy trading that would be of interest to investors.

What on many investors' minds these past recent days is how long will the rally continue. The market, on Monday, on the one hand showed resilience following some disappointing earnings and pressures from sellers trying to cash in profits. On the other hand, the surprise climb in housing sales perhaps should have triggered a more convincing positive performance. While no doubt some would want to take some profit of the table in the coming days, more positive news from corporate results to economic data indicating a better third quarter could sustain markets.

Analyst upgrades:

• Keefe Bruyette upgraded American Capital (NASDAQ: AGNC) to Outperform from Market Perform on expectations the company's book value and earnings are trending higher. The firm raised its target price to $22.
• Jefferies upgraded Spartan Stores (NASDAQ: SPTN) to Buy from Hold as it believes the company's EPS and sales momentum will return with the Michigan economy likely bottoming out. Despite upgrading, the firm lowered its target price to $18 from $24.
• Morgan Stanley upgraded U.S. Steel (X) to Overweight from Equal Weight due to its favorable product mix and leverage to improving operating rates.
• CSX Corp. (NYSE: CSX) was upgraded to Buy from Neutral at Goldman.
• Mueller Water (NYSE: MWA) was raised to Perform from Underperform at Oppenheimer.
• Marvell Technology (NASDAQ: MRVL) was upgraded to Outperform from Underperform at JMP Securities.

The whole world watches China when it comes to the natural resource play. Iron ore and steel companies have watched their share prices swing wildly based on news coming out of the Middle Kingdom in terms of what Chinese mills will be buying and how much they are willing to pay (particularly for the annual iron ore negotiations). Of late, the steel and iron sector has bounced nicely based on rising Chinese demand. Now noises coming out of China's government imply the steel bounce might have been inflated demand numbers. (via FT Alphaville).

TheStreet.com's Jim Cramer says it's hard not to capitulate when your clients demand irrationality.

When I was weighted short and we would have these seemingly endless days of rallying, it was the mornings that would get me. The mark-ups of the futures, the refusal of Asia or Europe to go down, the "tone." It was relentless.

Then I would get to the office and, after a long period in which all I heard were downgrades, I would be greeted by upgrades, where I would always scream, "Now? Now they upgrade Intel (NASDAQ: INTC) (Cramer's Take)?" Or, "He's putting Research In Motion (NASDAQ: RIMM) (Cramer's Take) on the list now, after this run?" Or, "Wells Fargo (NYSE: WFC) (Cramer's Take) goes from hold to buy? After it ran up 4 points? What is he thinking?"

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Bristol-Myers Squibb Co. (NYSE: BMY) Q1 profit fell despite strong sales of Plavix and Abilify.
• Check Point Software Technologies Inc. (NASDAQ: CHKP) was downgraded based on its guidance.
• Domino's Pizza Inc. (NYSE: DPZ) strong Q1 results were boosted by early debt retirement.
• DreamWorks Animation SKG Inc. (NYSE: DWA) strong Q1 results were driven by Madagascar 2.
• Endo Pharmaceuticals Holdings Inc. (NASDAQ: ENDP) Q1 results led to an analyst's downgrade.
• E*Trade Financial Corp. (NASDAQ: ETFC) widened its Q1 loss, sending shares sharply lower.

The worldwide decline in the demand for steel sent U.S. Steel's (NYSE: X) fortunes tumbling in the first quarter of 2009. The company reported today a decline in net sales of $1.75 billion over the previous quarter and $2.4 billion over the same quarter in 2008. This resulted in a net loss of $439 million, or $3.78 per share.

The company blames weak demand for its flat-rolled steel, a drop in tube steel usage in the drilling industry as a result of declining oil prices, and "unfairly traded and subsidized tubular imports from China." The industry has benefited from trade protections in the past after claiming that foreign competitors were being subsidized.

TheStreet.com's Jim Cramer says opportunities will arise, but it's still too early.

You can't fight the unseen. Whether it be a local E. coli outbreak for Taco Bell or Chernobyl or SARS or swine flu, you have to let the epidemic run its course before the obvious buying opportunity. What do we know about this swine flu now? 1) It is not under control, and 2) We haven't had fatality counts yet in this country that will freak people out.

Does it matter that the president says it is not out of control? Not to investors. This is a convenient excuse to sell everything consumer, including anything that needs people to go out and do something that is not at home.

US Steel is another one of those infamous, history-making stocks that investors aren't likely to forget any time soon.

Amid the robust growth and euphoria of emerging market economies, United States Steel Corporation (NYSE: X) soared first past $100, then $150, then above $196 per share in the summer of 2008, only to come crashing down when the leveraging bubble burst and many momentum traders exited the market.

TheStreet.com's Jim Cramer says economic fundamentals haven't changed enough to make last week's rally a lasting force.

Stocks are the tools to tell the tale, and last week made you want to own stock. The banks showed you they need not be wards of the state, GM (NYSE: GM) (Cramer's Take) acted as if didn't need to be a ward of the state and oil held its own. Drug companies, among the enterprises with the best balance sheets, decided to "give up" and combine in the face of diminishing returns courtesy of changes in governments worldwide, but particularly in the United States, that would impinge on long-term profitability.

Most important, the backtracking of Obama in his position toward business, something that would never be articulated but most surely occurred as the stock market was no longer ignored -- a Bill Clinton moment in a tone-deaf White house -- set a better tone for risk-taking.