Robert Edwards'  Instablog

Robert Edwards
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Contrarian daytrading technician who specializes in micro scalping of stocks (using 1 minute bar charts), swing trading of stocks overnight, weekly stock option premium selling, pre-market and post-market psuedo market maker and stealth trading activity, and selling commodity option strangles... More
  • Cliffs Natural Resources Inc. (CLF) & Walter Energy, Inc. (WLT) At New Lows 0 comments
    Jun 24, 2013 3:03 PM | about stocks: CLF, WLT

    Walter Energy, Inc. (NYSE:WLT) traded today, 6/24/13 below $11 which is a new 52-week low and also approaches the December 2008 low of $10.63. In 2008 WLT fell from $100 down to below $11, only to rally in early 2011 to $140. Now we are trading below $11 again. The bottom cannot be that far off as this appears to be a total washout in coal stocks.

    Cliffs Natural Resources Inc. (NYSE:CLF) made new 52 week lows today at $15.50. This stock has tried desperately to not make a new low like the other coal stocks already did prior to today. However, the pressure was just too much. CLF may not get back to $100 or maybe not to $50 anytime soon. However, it is worth a double from where it is trading right now, and I added today below $16. I believe that someday I will be very happy to have purchased at these ridiculously low prices. Surely all the bad news is priced in under $16. I could not be more bullish.

    Disclosure: I am long CLF.

    Stocks: CLF, WLT
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