Tuesday, September 25, 2007

Adding to my 2 Coal Names on this Pullback: Consol Energy (CNX) and Peabody Energy (BTU)

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Much like Crocs (CROX) last week, the charts for Consol Energy (CNX) and Peabody Energy (BTU) are setting up in a similar fashion. Stocks with good underlying strength that are now trending back down towards their 50 day moving averages.

When I started the positions on September 13th I wrote: "After such sharp moves up in the coal names, I'd like to see them even out a bit and pullback a tad, where I'd continue to build positions."

So I am following through on that strategy.

The fundamental reasons for buying into the coal space at this time can be found here. Again, buying on pullbacks such as this places the odds in your favor but is not fool proof. If the stocks break through their support you have to cut your losses in the near term and re-assess.

Long Consol Energy and Peabody Energy in fund; no personal positions

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