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Registered User
Joined: 3/30/2008
Posts: 77
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NCOC -14%
ICO -17%
JRCC -14%
Any ideas why? I thought that Id be safe(r) here.
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Registered User
Joined: 9/25/2007
Posts: 1,506
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Sharp drop in coal prices ... killing the mining stocks ...
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Registered User
Joined: 12/2/2004
Posts: 1,775
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Steel stocks getting hammered too. I was eyeing DAR and GNA steel plays for a possible pullback entry, but volume and depth too severe. Coal and steel both are commodity type stocks....some tie in I guess, fwiw.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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EDIT: I meant MEA and GNA, not DAR.
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Registered User
Joined: 9/25/2007
Posts: 1,506
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QUOTE (fpetry) Coal and steel both are commodity type stocks....some tie in I guess, fwiw.
Metallurgical coal is crucial for the maunfacture of steel ...
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Registered User
Joined: 12/2/2004
Posts: 1,775
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QUOTE (realitycheck) Metallurgical coal is crucial for the maunfacture of steel ...
Thanks realitycheck.
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Registered User
Joined: 1/13/2008
Posts: 10
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All the talk on CNBC was that this was just the Bears rotating to another sector and bringing it down. I actually was lucky today. I'm betting on financials going down more this year so on the rally on financials I bought Jan 09 ultrashort on financials (SKF) and rode that to the end of the day, I then caught ACI and MEE (coal plays also for Jan 09) and they were working till end of day but the afterhours action suggests they'll recover. Made one error on trying the XLV healthcare sector because I saw some turning in a couple of that's sector's stocks but it didn't work out and I cut it loose. A very small up day but beats the heck out of the way I used to just ride things down. Ultrashorts I've wanted to try before but never did, now I will be back with them again on any financial rally till I see the VIX hit 30 something.
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Registered User
Joined: 4/18/2005
Posts: 4,090
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QUOTE (realitycheck) QUOTE (fpetry) Coal and steel both are commodity type stocks....some tie in I guess, fwiw.
Metallurgical coal is crucial for the maunfacture of steel ...
Is it? I'd think now it's all gass forges and furnaces?
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Registered User
Joined: 3/30/2008
Posts: 77
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Thanks everyone.
Oh the irony, I'm still with ICO and I was thinking about a few gold stocks, but was worried about them being a commodity.
A couple questions if I may. I was on the road today with Net access but no TV. I checked to see a what was going on but no luck. I haven't invested in any pay sites as of yet, but once I get serious and start to work with a larger some of cash I know that I will (I was thinking in 6 months time , now maybe 12 as the candid comments that Scott sparkd have made a big impact on me, TY all). In fact maybe I should now. Are people allowed to suggest these type of sites? I'm thinking IBD. I'm on TOS if anyone want's tp PM me.
Last would be was such a dramatic drop due to shorting and panic selling? I'm wondering in general or normally, will there be a bullish bounce in a few days?
TIA
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Registered User
Joined: 4/18/2005
Posts: 4,090
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NICE move in JRCC... THAT is why I've nto been buying it the last few weeks.
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Registered User
Joined: 9/25/2007
Posts: 1,506
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scott ...
Around 2/3 of current world steel production still depends on coking coal to be used in blast furnaces ...
yinzer ....
Unlike stocks ... where short interest may vary ... commodities are a zero-sum game ...
For EACH & EVERY long contract ... there is a short contract ...
For every dollar made ... there is a dollar lost ...
One cannot exist without the other ... contracts must remain balanced at all times ...
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Registered User
Joined: 3/30/2008
Posts: 77
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QUOTE (realitycheck)
yinzer ....
Unlike stocks ... where short interest may vary ... commodities are a zero-sum game ...
For EACH & EVERY long contract ... there is a short contract ...
For every dollar made ... there is a dollar lost ...
One cannot exist without the other ... contracts must remain balanced at all times ...
Ok but, just to be clear I was talking about the drop in the stocks.
take care
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Registered User
Joined: 1/28/2005
Posts: 6,049
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"NICE move in JRCC... THAT is why I've nto been buying it the last few weeks."
-------------------------------------------------------------------------------------------
Scott
You would be the dream of those interested in behavioral finance.
CONFORMATION BIAS:
the tendency to seek, consciously or not, information that verifies
one's decisions of beliefs.
Thanks
diceman
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