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The S&P traded off a little bit today as the market put some technology stocks in the wood chipper. AAPL got clubbed again and GOOG was off about $ 10 and lost its 10 day moving average. Just so you know, the 50 day moving average is about 580 for AAPL. We’ll see if that holds or gets taken out tomorrow. As a result the Nasdaq sold off about 3/4%.
The banks were soft, but energy (XLE) and some coal names acted well. It looks like coal names ACI , BTU & JRCC broke above and closed above their daily downtrend lines. ANR is close. WLT did it a while ago.
We are long ERX and so far so good. Maybe energy can get going here and continue higher, we’ll see. If they can get natural gas moving, (UNG) I imagine they can get anything going.
I believe ACI reports in the morning. I’m not expecting anything good. What is important will be the reaction. If the stock goes up on a crappy report then it will validate my thinking that maybe this group has put in a short term bottom. If price fails, it means we wait. It’s a long term play so that’s fine.
Here is a new long set up for tomorrow.
