Perhaps the Exxon (XOM) news is the reason many of these energy related stocks were not ramping despite mid $90s crude. As I said, we have a fascination for big round numbers, so when crude is $98 it doesn't matter but when its $100 you will see stories on the national news networks .... we are funny like that. I am not in a rush to buy things here, and will pick selectively. Tomorrow we have the monthly game of the employment report - the report that gets revised 10x, but we react like maniacs to it, as if it is accurate the first time around. Or the second. But it moves the market, so we have to "care". The reality is people are losing jobs, financials, housing, automotive (Chrysler axing "up to" another 12k) And in it's place we are adding jobs in restaurants and bars .... wonderful economy we are moving to.
Anyhow, Peabody Energy (BTU) has spun off Patriot Coal (PCX) today at a ratio of 10:1 (10 shares of Peabody Energy gets you 1 share of Patriot Coal) - Marketocracy.com is not reflecting this so my NAV (Net Asset Value) is going to be incorrect until this new entity is accounted for. I am not sure if I want Patriot Coal or not yet in the long term, have to do some more reading - it seems to be their Appalachian business, which I already have covered with Consol Energy (CNX).
- Patriot Coal Corporation is a leading producer and marketer of coal in the Eastern United States, with eight company-operated mines, two joint venture mines and numerous contractor-operated mines in Appalachia and the Illinois Basin. The company ships to electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.2 billion tons of proven and probable coal reserves. The company's common stock trades on the New York Stock Exchange under the symbol PCX.
Long Peabody Energy, Consol Energy, Potash, Patriot Coal, KBR in fund; long KBR in personal account
