WLT Get’s Crushed As I Have Been Warning - Cramer Listeners Get Hammered Yet Again
August 4, 2008 9:59 PM
I have been warning about chasing WLT higher as I viewed the move higher as marginally or not at all supported. In addition, I personally view being long a coal stock with a 50 PE as complete foolishness, but that is my opinion. I posted over a month ago that I believed energy stocks were trades and not investments, and nothing has changed my view on that. In fact, most have got completely crushed since that view was posted.
On 07/31 Cramer apparently was blowing his bull horn on WLT and mentioned more coal capacity for them or something like that. What did I say - NO. I may have looked dumb when it ran up after earnings but look a little bit smarter when it plunged over $18 today and it reached a high of $109.42 on Friday. Like I have long mentioned, WHY would you be long a stock at $109.42 when it has to clear $111.99 to even consider being long? It makes no sense and today proved that view. About time the market cooperates and does as “it should”.
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