Sitting at some support, possibility for a huge bounce of 4-6 points. Keep an eye on UNG since XTO is mostly a natural gas play. I wouldn't be surprised if it peaks below 48 again before taking off, just make sure your stops are tight and you jump in with the momentum.
Thursday, July 24, 2008
Coals are in trouble, CLF has a H&S formation. It has also recently made a bid to merge with ANR. The deal is currently being challenged by the largest shareholder so news on this could significantly impact the stock. The announce of the deal brought CLF down huge, so if the deal is prevented, it MIGHT be a positive for the stock.