Second attempt at bounce seems to have failed. This time only recovering to $15.07. Meanwhile, the DOW is coming down and losses in BTU continues to accelerate. BTU is still the largest U.S. coal stock by market cap so it has market weight.
Usually it takes three attempts to succeed. The market is providing support at the moment. Let's see for how long...
Coal is definitely being tested today. BTU is leading the charge downward. Waiting to see if WLT bounce off $15 for a second time. If not, it can close in the mid-$14's again.
I agree. Most of these "haters" are nothing but clueless pumpers. At least rurkey3232 posts his trades live. I suspect these haters are in deep losses and anyone that speaks negatively of WLT becomes an outcast to them. I believe to make money with WLT, you have to go long and short.
Nothing to feel bad about. It was down -$0.40 earlier. If it closes below $15 today, it will be a bad sign for coal.
The market currently is at the lowest point of the day. I don't know why WLT isn't below $14.75. Then again, I don't know why WLT was at $15.18 today to begin with.
Nevermind them. The closer we get to 2PM, the lower the market will drop. NAZ & S&P already red and DOW lost 2/3 of intraday gains already. But I would cover before 2PM. Too many variables and profit is sweet.
rurkey3232, while you may have shorted a little too early, I do think WLT will retrace to unchanged level before FOMC announcement at 2PM. We'll see...
While this may be a good entry point, what squeeze? Coal sector and markets will likely to be down until next Wednesday when FOMC make statement. If there is any indicator of QE tapering, expect markets to tank even more.
Sometimes I think the longs here are delusional...
rurkey, what's the plan today. ANR is providing support for coal sector. But I wouldn't trust anything in this market, especially with coal stocks.