Coal stocks as represented by the Market Vectors Coal ETF (KOL) got smashed yesterday. When an index drops 10% in a single day off record all time highs on record volume, you can assume a major top has been put in.
It all happened so fast I couldn’t get into the rest of my short position and will have to add on a bounce back just short of $57.00 area. A clean move above $61.00 would make me nervous and would be a clear sign of danger. While I would trade some of the position, the main profit objective is in the $44 - $46 area.