PCX, daily
All those who were chasing PCX higher last week just got nuked today, many of them doubtless did not use stops, and will have lost almost everything. They even had a warning in the trading action last Friday of a possible Monday massacre.
--
The problems in PCX, and the lousy wider economy are continuing to adversely affect the other coal miner stocks.
ANR, daily
BTU, daily
Summary
A company that can't make money..is doomed to failure. That is obvious to say of course, but its bizarre how many seem to forget that, and keep chasing cheap 'bargain' stocks, even though the companies haven't made a profit in years.
Of course, the vultures will be circling the mines of PCX tonight, and will be able to pick them up for pennies on the dollar.
--
The other coal miners, such as ANR, BTU, will be around for years to come. Today's price falls sure make them look tempting, but further declines are expected, somewhere in the range of 30% - with sp'1150/00 later this year.
