Whilst the main indexes continue to see minor chop - but still close to historic highs, there is some very severe downside in the coal miners. All the big names have been smacked lower, with Alpha Natural Resources (ANR) and Peabody Energy (BTU) lower by around -11% and -5% respectively.
Many of the coal miners are close to the lows from the 2008/09 collapse wave.
Of course, since that time we've seen some of the big names disappear. Massey was bought/merged (with ANR?)..whilst Patriot coal (PCX) imploded to zero.
I remain a fan of the miners (real companies, real product), but today's snap lower..is a nasty move..and does not bode well for the spring/summer.
At the current rate of decline, we'll be able to buy an entire coal mine for $1 by 2015... but hey, by then, maybe King O' will have made coal illegal on 'environmental grounds'.
*as for DRYS
I'm watching, but really, I suspect a further minor fall early Monday..maybe the $3.80/75 zone - where the 50 and 10 day MAs are lurking.