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Friday, December 18, 2009

Alpha Natural Resources (ANR) Shrugs off Strong Dollar Inverse Correlation - Breaks Out

Posted by Mark at 1:54 PM TweetThis
Some of the coal and steel names are trading in a parallel world right now... strong dollar be damned.  Alpha Natural Resources (ANR), in parts of 2008 our largest position, has broken over the key level of $42.25ish and you can see the computers all recognizing the pattern and a feeding frenzy has ensued.




Identical to what happened about 6 days ago when peer Walter Industries (WLT) broke over $72.50ish




The sector strength in this market remains completely random... I have no idea what story the market is trying to tell me when coal moves up with healthcare.  When utilities move up with selected retail... etc.

No positions

Posted by Mark at 1:54 PM

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