{+++} The markets sold off in the morning, but managed to recover today. The Russell, S&P and the DOW all managed to hold hourly support and the daily charts still are in tact.
Coal was the red headed step child today and PCX (the worst of the bunch), may go BK as early as tonight, that put a wet blanket on the coal names and dragged them down. Most of the coal stocks have rallied 20-30 percent over the last couple of weeks, so profits were taken as the street gets some more clarity about PCX. The PCX announcement wasn’t a real surprise as this company has been rumored to go out of business for years.
Unfortunately, I had to stop WLT today. I also removed CEL which was a new name that was added last night. It never triggered.
The energy names (XLE) still look OK and the pullback after the move up is healthy. I triggered APA long today.
See you in the morning.