COULD COAL MOVE DOWN?

The market traded sideways for most of the day before making a late session rally. The S&P 500 is sitting right at 1150. This was the resistance I have been talking about over the last few days. That late session rally is considered bullish although the volume was low again today so it's hard to tell just how significant the rally was. If we do end up selling off soon, there is a bearish pattern that I like (thanks to Howard M.). The pattern is JRCC. The trend is down and the stock just moved back below its 50 day MA. There appears to be a nice bearish ABC pattern that might have completed. That possible bearish ABC pattern has retraced the previous move down by about 50%. The reward to risk is very good. I would have a pretty tight stop somewhere above the 3/8/10 high. The initial downside target would be around $15.50 to $15. There are many other coal stocks that have possible bearish ABC patterns completing, but many of their trends are still considered up. I liked the pattern on JRCC best. The Nasdaq market has already moved to a new 52 week high, the S&P 500 is right at a 52 week high, and the DOW is just over 100 points away from a 52 week high. I'll be keeping a close eye on the market tomorrow to see if it can follow through on that late session rally...or if these bearish patterns in Gold and Coal can really start to pay off.