With the broader market closing significantly higher for a third consecutive day, many of the more severely beaten down stocks were seeing rather extreme daily gains. Consol Energy (CNX), Freeport McMoran (FCX) and Seadrill (SDRL), settled higher by 12.4%, 12.2%, and 6.9% respectively.
Suffice to add.. all three stocks remain absolutely destroyed since summer 2014.
This is arguably just a classic trio of hyper gains as part of a broader bear market rally.
CNX, FCX, and SDLR are all on the disappear list. All three companies are overly debt burdened, and considering commodities still look due full capitulation, I would be surprised if at least one of the trio doesn't file for bankruptcy by early summer.
*no position... I'd rather short the main indexes/long VIX this spring.