Yesterday’s Trade Call: WLT Get’s Hammered

June 20, 2008 10:46 PM

My call to short WLT today was dead on as it fell 2.82% and you could have made 5% if you had simply shorted the open. Good call considering the market was down about 1.8%.

JRCC did not cooperate. I am not familiar with this stock, I had just responded to a reader to see how it looked. It wasn’t really my call, but more of a response to a question. I believe there was an upgrade or something on it today, not sure. I need to follow it more to get a better feel for how it trades as i have never looked at it before. I still would not be long the stock here until it clears the high. Well, I wouldn’t buy it no matter what as i have no idea what the valuation is and this hype seems extreme regarding coal.

I shouldn’t post a position until i know a stock well. I watch WLT a lot and felt pressure today was very likely. I have called the short on this before and it fell like a stone.

Written by Tom@StockBlade.com · Filed Under WLT

Comments

One Response to “Yesterday’s Trade Call: WLT Get’s Hammered”

Tom@StockBlade.com on June 23rd, 2008 12:01 pm

Short should have been covered at the open, we have a trend break. i do not think we will clear the high here and am skeptical of this move, to say the least and will likely fail tomorrow….

But severse spikes…it is hard to hold the trend unless its going to plunge…

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