I don't trade as much as you guys... but I will tell you this. WLT has more room to fall than its peers if the rug gets pulled out from under this market. Will it... I don't know. WLT is getting pretty low so who knows where it goes from here. But it won't be back to $38. I don't necessarily think book is the best indicator of value, but they have no earnings. Book for WLT is $16 and some peers are trading well below book. WLT has probably the highest debt load in the sector and looks to have made the all time worst acquisition in coal history. They have falling earnings over the past couple of years. They are cutting production, they are increasing the debt burden. This could get into the teens.
$23 is more realistic than $38. Good luck to you guys.