Concurrently I am going to go short with a about a 3% stake, at the same price - I was not attentive this morning and missed the $15.70 price which would of been excellent. North of $16, say $16.15 I will stop out; this will limit any losses to 4.5% of the position. If reflation has a few more days of life this stop will be taken out very quickly. So be it.
Again, we are going to be buffeted around by earnings released day after day for the next few weeks so tomorrow based on what Intel (INTC) says tonight we could be up 2% or down 2% in the markets - nothing to do with JRCC but that's just the market we have. As if the fortunes of Goldman Sachs extrapolate to Joe Schmoe on Main Street and hence must be used as a sign of our national (or indeed global) health. My overall goal is to have a lot more hedged (neutral) positioning in the next 24-48 hours since I'm still very net long, although extremely heavy in cash. I have about 9 other limit short orders awaiting, hoping some begin to hit later today.
Long/short James River Coal in fund; no personal position
