JRCC (Again)...

Yesterday's bullish close on JRCC did not see any followthrough in trading momentum today and we closed both below yesterday's close and below the 50% daily Fib level - admittedly bearish signs.


PPI and Preliminary University of Michigan Consumer Sentiment are both tomorrow.  After that, no major news from the US until Tuesday, when we have Retail Sales and TIC Long Term Purchases, which means that the press will most likely be whining about European woes again...


We need good news from China or India to spin JRCC around, but the first major news release concerning China manufacturing doesn't occur until at least 23 May 2012!


One of the coal sector's major players, BTU is already trading at P/S below 1.  I'm keeping an eye on the $27-28 level on BTU to see what it does as it is nearing its 52WL.  If it holds, I'm going to think about averaging in to JRCC again in anticipation of a potential long term turnaround - something I have been wishing for for 6 long months.