The patience we displayed in slowly accumulating some of these positions finally paid off as GNK jumped over 30% in the last two days and a portion of that doesn't even include some of the size we picked up around $12 the days before. I sold my shares around $17 and am all out right now. I was projecting it to go back around $18 before running into big resistance but volatility took out some of my stops and I am happy with the gain. PCX had a huge day and I sold a little. I still have a big position here and think it can easily squeeze to $9 if oil and commodities remain hot when a lot of traders return to the desk Monday. However, as always, I am moving up stops and will be locking in gains as they come in. I am averaged in at right over $6 so I already have 25%+ gains to protect. I am watching other Coal stocks such as MEE and ACI which broke through some resistance levels and their 50 dma on Friday with good volume. Should they continue to get the bid the group should continue to move together and PCX should benefit. I will be curious to see how it acts at the 50 dma at around $9 should it get there.
I am also still holding MTL at a cost basis of just under $4, this one hasn't seen as much action. When I bought it I was projecting a bounce to the 5.50 area but I am setting a couple sell points in the 4.75-5.00 area. I don't want to see this one back below $4.
I am watching a few small cap setups into next week. Along with some very small oils and solars. I will be posting a watch list tomorrow.
edit: oops! Posted SLX instead of XME but they look the exact same.
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