I agree and wouldn't be surprised to see us down tomorrow a.m. in pre-market trading only to soar back up as another hedge fund covers their positions.
Get on the right side of the trade Loser or go buy those coal stocks, they are up 40-50% in the past couple days!
It probably makes as much sense as my story from a couple days ago. I got stopped by a train passing with nothing but full coal cars on their route out West. I came home Tuesday night and told my wife that's it's been a very long time since I've seen that many full coal cars passing and that hopefully it's a good sign of things ahead for coal companies and in particular BTU.
To my surprise, I wake up the next morning and see a 20+ % move upward in BTU and then today another 20+% gain.
Is this a head fake, a pump and dumb or are shorts finally covering? There's plenty of themes out there such as Soros getting into coal, ACI exchanging debt, BTU going forward with a reverse split and/or selling all the Australian Assets. The Soros news was known prior to this pop, the ACI debt exchange isn't a done deal, and a reverse split could be in play. One thing we do know now is that the company has stated, It's not selling all its Australian assets.
Who I'm I to argue with these strange but MOST ENJOYABLE gain, especially when the market are down so hard. Next theme will be that the absolute dogs are simply bouncing with the markets down so much. That or the commodities will push upward and the markets will finally face a huge correction.
For now I'm simply going to enjoy my 100k gain in 2-days and hope that my stop loses marks at $1.50 are never hit again!
MUST BE THE TRAIN!
Forgot to mention that IF BTU does in fact following through with a 1-20 reverse split, we will be trading very similar to ACi's 40-50% pops and drop on a daily basis.
I'm not going to question the why because I'm finally on the right side of this trade. It could be the Soros news, the ACI debt exchange or the latest rumor that BTU is selling it's AU assets. Funny thing is that the company has come out and stated it is not selling all it's AU assets and the stock didn't drop like a falling knife.
buk957, i got stopped out way back at $3.25 but I was able to buy into ARP at $2.50 on that huge drop right into earnings. Good Luck!
Right on the money, the only thing the company can do right now is to keep re-affirming the borrowing base, which it has done twice now. Big picture will be much clearer tomorrow afternoon.
This is not a coal stock under attack and on it's way out as a viable resource. There are cycles in this industry and right now we are in a down cycle, certainly doesn't mean that an up-cycle isn't on the horizon. Maybe not the immediate horizon but certainly in the coming years. Starting a position at current levels will prove very valuable in the future. JMHO!
I wanted more at $1.84 and couldn't get filled. Gave up and bought back at $1.89 today. Will have funds ready should we drop back though.
Not true any longer, initial dividend now pushed out to 2016. Explains the huge downward draft after the announcment that ARP would not cut it's dividend for August.
He bought a ton of stock prior to the intiial dividend being pushed out from Aug. to next year, so he's not all that bright. You'd think he'd have some information but this proves he doesn't.