Howdy - as a new memebr again I want tos ay that this community
is AWESOME!!! and thew work from Steve and Matt is
unparalled. A few weeks back I posted asking for some help on
JRCC (chart) and I recived some great feedback. I still have
the big position (160,000 shares) and the stock seems to be getting
so tight...it was down today but on bery light volume, any thoughts
on this...what kind of formation is this morphng into? any targets
potentially good or bad...my average is $15.60...no martgin and I
can hold but I like to trade every 2-4 weeks, I've owned this about
a month now. Thansk to all....Ed
I recall replying to your previous post and said that the
technicals looked good and that the 5,3,3 on the S&P was
looking encouraging; that would keep me in it long, but with tight
stops. Up to close on Wed, that looked reasonably good.
The technicals now don't look as good - closed below it's 20MA
yesterday, MACD could be setting up some negative divergence.
Yesterday's close is right at the channel's lower uptrend line,
possibly below it depending on how you draw it. And given the
market gave back all of Wednesday's gains yesterday, I'd be
exceedingly cautious. The 5,3,3 on the S&P looks to be
turning over. Support if it falls appears to still be around
12.50, which is also the 50MA. I'd be taking a lot off the
table and putting a tight stop below the lower trendline. You
risk getting stopped out if it dips below and recovers, but you can
always get back in. If it drops quickly to support, that's a
LOT of pain. Good luck.
quite frankly in a market like this , it`s crazy to own 160,000
shares of any stock , even if you are an institutional holder. But
if tell me you are short 160000 shares of any stock, then that
means serious business
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JRCC COAL
Posted by efdjr on 29th of Jan 2009 at 10:39 pm
Howdy - as a new memebr again I want tos ay that this community is AWESOME!!! and thew work from Steve and Matt is unparalled. A few weeks back I posted asking for some help on JRCC (chart) and I recived some great feedback. I still have the big position (160,000 shares) and the stock seems to be getting so tight...it was down today but on bery light volume, any thoughts on this...what kind of formation is this morphng into? any targets potentially good or bad...my average is $15.60...no martgin and I can hold but I like to trade every 2-4 weeks, I've owned this about a month now. Thansk to all....Ed
JRCC
Posted by rjdst on 30th of Jan 2009 at 09:18 am
I recall replying to your previous post and said that the technicals looked good and that the 5,3,3 on the S&P was looking encouraging; that would keep me in it long, but with tight stops. Up to close on Wed, that looked reasonably good.
The technicals now don't look as good - closed below it's 20MA yesterday, MACD could be setting up some negative divergence. Yesterday's close is right at the channel's lower uptrend line, possibly below it depending on how you draw it. And given the market gave back all of Wednesday's gains yesterday, I'd be exceedingly cautious. The 5,3,3 on the S&P looks to be turning over. Support if it falls appears to still be around 12.50, which is also the 50MA. I'd be taking a lot off the table and putting a tight stop below the lower trendline. You risk getting stopped out if it dips below and recovers, but you can always get back in. If it drops quickly to support, that's a LOT of pain. Good luck.
quite frankly in a market
Posted by pkon on 29th of Jan 2009 at 11:30 pm
quite frankly in a market like this , it`s crazy to own 160,000 shares of any stock , even if you are an institutional holder. But if tell me you are short 160000 shares of any stock, then that means serious business