Watching Walter

$WLT is one of my favorite long side plays for 2012. I added the name yesterday for my subscribers at 57.50. The coal group is trying to make a stand here, but the group needs some volume to really get it going. Stocks like $BTU are at resistance and the coal ETF ($KOL), is just under its 50 day moving average.

Yesterday $WLT did something interesting and it could imply that a bottom was put in. On Monday and Tuesday of this week the stock broke its daily uptrend line, but yesterday, it reversed that move on big volume and closed right around the downtrend line. A continuation higher over the short term (maybe even today) would validate a positive reversal. Volume will be important. You can put a stop around Monday’s low.


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