The whole sector, including steels, were poor today. WLT held up pretty well. It may also be technical. 40 can not seem to hold- as soon as it hits it tanks. I sold out at 39.60 for break even. A good buy point is in the 35 range. It has been 35 to 40 and back. I'd like to hear from others. GLTAL
Look at it this way:
If you are given 5, 10, 7, 12, 9, 14, 11… what comes next?
If you don’t see the pattern, you don’t understand what makes any market move.
That’s what stocks do from the technical side.
a. Stocks go UP if there are MORE buyers than sellers OR LESS sellers than buyers.
b. Stocks go DOWN if there are LESS buyers than sellers OR MORE sellers than buyers.
I trade GOOD companies like WLT that are fundamentally weak today but are positioned to strengthen in the next 3 to 4 quarters. When WLT had good fundamentals as in April 2011, recent history, it was trading in the $120’s to $140’s which. If one does their research in January 2009 when “Fundamentals were weak, as it is today, WLT was trading in the $20’s. 7 months later in the $50s and $60s and 12 months later in the $80. Will this repeat again? IMHO, yes!
Plus at these prices you’re getting a dividend better than money in the bank. IMHO you’re getting paid to more than double your money in a year.
You do know coal is still used over 65% by US utilities. Plus new coal plant production is better than 4 to 1 world wide compared to nuclear and alternatives including ND combined. No matter who declares war on the coal industry … demand, political tax pressure will be there for companies like WLT to survive.
I too am long and have accumulated over 2,000 “core” shares from day trading profits, as one poster I follow has stated many times.
Keep on trading and "Good Luck" to WLT shareholders.
"Luck is nothing more than preparation meeting opportunity” from a Blinders message.