WLT: Hammer Time
August 12, 2008 7:46 AM
If I am not mistaken, Cramer was blowing the bull horn on WLT on 07/31 because of increased coal capacity or something. Bla, bla, bla - who cares. Unfortunately, that isn’t how the market works and nobody cares. I said at the time, and still maintain, that the stock was an avoid long at best, a short under the high, at worst.
It cleared my “must hold” point of $81.72 yesterday and made a severe spike to a low of $76.80. It may and try and hold the 07/24 low area of $74.20, but I do not see that as an important low and was very skeptical of the move higher off it earlier. This is why I pointed out, on several occasions that the move higher was not “supported”. Run from the bubble, as I see things, but I would not chase this thing short down here. Never chase a trade.
WLT may become my new Cramer whipping boy stock to replace AEM. AEM was down another 3% yesterday - yawn. Someone wake me when it is down 75% from the high when Cramer was raging his bull horn and BUY MORE nonsense. I want my own show.
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