The XLB (basic materials) is the worst performer in the Sector Spiders, followed by the XLK (technology). The XLB though has completed an AB=CD-down on the daily. So you may get your bounce in WLT. But it is coming down with heavy volume so I suspect it'll do another leg down after the bounce. You may want evaluate the strength of the upcoming bounce and decide whether to unwind your bullish option position, especially if you don't get your 13d.
For that matter the broad market should bounce on Monday. The SPX (SPY), INDU (DIA), RUT (IWM) were all supported by the 89-day SMA and the 20-week SMA. All had long-bottom-tail candles. Have to trade with the market you know and this is why I bit on that stellar stock SKUL. On Monday SKUL should run up to 5.41. Once it breaks above 5.41 with strength you will want to be on board. The XLY (consumer discretionary) along with the XLF (financials) are the strongest Spiders. SKUL is where you want to be.....a strong stock in a strong sector in a broad market set to bounce.
Just google for "walter energy takeover" and see how many speculations there have been in the last 2 years. Big names like BHP, Anglo Amercian and even the 'Oracle of Omaha' has been mentioned as potential buyers. If there is any credibility to the above if they were interested in this name when it is trading at @ 1.5-1.7 times it's assets, it is trading at 1/4th of it's asset value. With the recent float turnover, somebody with 40%-50% ownership can pay a nice premium for the other 50% or so... or I think privatization would be even a better deal for the company. I give a little more than 50% chance that a deal might be in the works and the chatter was mentioned even on FM on Tuesday. I think this time we might actually have some fire...
To our point, big capitulation bottoms might never get tested or may take multiple years for it to happen.
Keep in mind on WLT that that very-high-volume low put in on June 17 at $11.12 will get tested. Same on the weekly; very-high-weekly-volume at $11.12. It will get tested. Same on the monthly. June's volume is also huge so it will have to get tested in July.
So I assume you were right about end-of-quarter window dressing but then watch for the test in July.