Msg. 42438 of 45651 (This msg. is a reply to
42411 by
capt_nemo)
Jump:
would like to think this had more legs...
This article out this morning is prolly what keeps me from getting back in the markets. Just one reason LOL, There are many more.
It is saying PCX is already overbought/ahead of its self and look for a down turn???? With a chart like this and the short positions?? Overbought???
Coal
Patriot Coal (PCX) continued moving higher on Tuesday as shares rallied $0.46 (33.33%) to close at $1.84/share. Volume was extremely strong here, coming in at 17.4 million shares and this happened on a half day for trading. This stock has risen roughly 80% in the past two weeks and this is what happens with leveraged plays when fears of liquidity dissipate. We missed this one twice when trying to put in a trade, but now it has gotten ahead of itself as we suspect some of the bears were chased out and forced to settle their positions. A pullback is in order at some point, and we feel that investors would do best to wait for that one and then move in. The $1.50/share level would probably be a good place to enter and for those a bit more patient the $1.40 level would appear best.
Looks like shorts are covering their arse hard LOL.
Volume: 24,293,134
Avg Vol (3m): 9,950,130
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