To update this post about coal’s ride to hell, I have yet to see a classic, capitulatory-style selling climax on the KOL, ETF for the sector. Some individual names like ANR have seen heavy selling over the past few weeks, but as they say a bottom is an event. I have yet to see that event, though it is not always necessary to actually bottom.
From my vantage point, coal is at that tricky stage where even aggressive bears are backing off pressing their shorts, but buyers of size have yet to really step in to support the sector. I continue to say hands-off until we see classic signs of a bottom, including a dramatic uptick in volume and a few days of very heavy losses in a row in straight-line down action. Even then, do not discount the notion that at least one major firm in the sector may declare bankruptcy.
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$KOL is the new $UNG
Bernie Cornfeld is the new Jeremy Siegel.
Hell No…I am far better looking 🙂
Where is that pic taken Chess?
$PCX is my punishment for going long coal while bitching about the coal pollution in my backyard. Never fuck with karma. Karma always wins.
ANR short interest 9%.The has been the kiss of death.Its on my watch list but not really.lol
lol