Whilst the broader market saw moderate weak chop, there was particular weakness in the coal sector. Alpha Natural Resources (ANR) and Peabody Energy (BTU) settled lower by a significant -2.9% and -2.4% respectively. Outlook remains bearish.
Suffice to say, the broader down trend continues, whilst the main market is still broadly headed higher.
With the US Govt' still on a 'we hate coal' policy framework, the miners are facing huge resistance.
I remain concerned that ANR will not survive in the longer term, although the lower the price goes... a hostile takeover becomes an increasing possibility.
*I have no positions in any of the miners, and would only consider getting involved after the main market has seen a multi-month down wave - which itself does not seem likely until next year.