PCX bottom fish

Im going to try a bottom fish here on PCX. Has been getting big volume bars in the 3.05-3.10 area and I am going to buy some here at 3.09. Not the typical chart I buy but I think coal is due for a bounce and this one is extremely oversold. I will keep a tight stop on it and cut it should it break below three.

JAX

UPDATE 10 min later: News just broke that the Chairman of the board bought 100,000 shares of PCX today. Probably accounted for a big part of the volume bars I was seeing but the news should help the bounce.

Afternoon Update I got stopped out on RIC at 2.75 for a minor loss. I'm going to keep this one on the radar but I think gold needs to consolidate a bit before it can make another run. I was really hoping RIC would have made the move on Friday while gold was pushing through 1000 but it wasn't to be. But that is the importance of keeping a stop on your positions as RIC had an awful close. If you are still in, the pattern is still intact and I would just keep a stop just under yesterdays low as it looks to have support in the 2.31 area. I might consider an add just above there if gold is showing strength and the overall market is weak.