- Posted by UpsideTrader
- on July 10th, 2012
Many of you followed my coal call a few weeks back, We pretty much caught the bottom (rather be lucky than smart) and many have emailed me about what I’m doing now, so as courtesy I am going to tell you. This is for the gentle people that are professional enough to ask thoughtful questions and not the tools that call me an asshole because they were down yesterday. Those people shouldn’t be trading baseball cards let alone stocks. Here was my original post on June 27. My subscribers entered longs even earlier on June 15.
Since my original call, some of the coal names rallied 30%, some troglodytes out there reveled in the sell off yesterday I guess because they though I got hurt and they are just miserable people. There has been a lot of that going around lately.
What caused the stir in the coal group yesterday, and to an extent the day before, was a rumor that $PCX was going to make an imminent bankruptcy filing. For the record, anyone on the stream that asked me about PCX as a buy was told to avoid by me as it is toxic and garbage and has been a rumored BK story for a long time now.
However, when one stock in a group has bad news it drags down the group. Optically it isn’t good, so the group sells off.
If you have read my tweets and or blog posts on the sector, I have been clear that this a group I want to own over the back nine of 2012, the last six months.
Hope this helps and good trading.
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