Starting 1/4 positions in coal names
The sector of coal stocks I watch are off 12-14% right now, so I'm taking this opportunity to start a small position. In my opinion, these names are still overbought, and should give up more ground. If that happens, I'll look to add, with more size. Actually, I'd prefer to see more heavy selling. But for now, I'm content to have a small stake in the game.
Started positions in MEE, ACI and CLF.
2 comments:
yup, right there with ya. I only added MEE though. waiting a little bit more for ACI.
fully expect more correction just like you, but you've got to dip your toe in with massive sell offs like the one we saw today, just in case people all of a sudden decide to reverse course (which has been the case for so long in these names. no dips!)
I'm not an elliot wave guy, but I think we get some kinda ABC move down. There's only one other time I've seen a move like that.. and it was in the Gold sector. That ocationally crumbled 30% in a day. And they never bottomed in one move. It was usually a pause, and one more move down.
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