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Joined Apr 1, 2010
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Comparing the Carnage

The selling in the coal names has been relatively mild this week. As you can see below on a daily chart of KOL, ETF for the coal sector, the uptrend appears orderly and intact on declining selling volume. I would look for strength early next week to pounce on some names like WLT.

On the other side of the coin, the steel names potentially had a bullish inverse head and shoulders pattern going, only to see the right should fail this week. While the steels could most certainly be forming a double bottom with a higher low here, the bulls did lose the initiative and I am more apt to let them prove themselves again before looking to pounce.



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