Long Arch Coal

Victory! Despite a very good presentation by the plaintiff's attorney, we were able to ward off the civil claims against my clients and leave the courtroom victorious yesterday by a unanimous jury verdict...although we did not win our counter-suit, but that's not surprising, especially since we really only filed a counter-suit for leverage against the plaintiff. It appears that the market continued its nose dive while I was in court yesterday and the market was pretty oversold going into the open this morning.

I opened a little position in Arch Coal (ticker ACI) this morning at the open. This is a stock that I've had on my watch list for a couple of weeks and I've been waiting for it to hit oversold levels. I told myself last night that I would go long ACI if the market opened in the positive today, which it did following this morning's GDP report. Here's the ACI chart:
We'll see how this one goes...the whole market seems a little shaky right now, which probably means it's a good time to open a new long position. I've still got a position in FCX along with a couple of energy plays...name of the game is commodities for the time being.

Have a great day.

TLT