Bookkeeping: Closing Bucyrus (BUCY) and Alpha Natural Resources (ANR)

Well apparently I caught the "coal train" much too late this year, unlike 2007 when I was early. The coal stocks and 'related fare' have had a few rough weeks... as of late last week both Alpha Natural Resources (ANR) and mining equipment maker Bucyrus (BUCY) had broken support on their charts, so I am going to close out the last of each position, both are 0.5%-0.6%ish type of exposures. 5% loss on the former and 7% on the latter.

Recall I had dumped 60% of Bucryus last Thursday on the initial break below support saying:

So from here my standard operation procedure is to cut back exposure on the initial break of support and watch what it does with less on the line. If the stock quickly recovers we can continue the position; if not we are forced to exit and revisit another time.

The decision was made for me... forced to exit and revisit another time.

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With copper at a 7 week low, and coal stocks flailing... and the Chinese stock market at 7 month lows, one would assume one should be worried about the global growth story to some degree since it centered around China. But no worries - the Ben Bernanke (and now Trichet) Forcefields are around us... and as long as they keep the premarket open, we can fend off every selloff with a 0.5, 0.6% markup in premarket whenever needed. Boo yah.

No position other than long central banker forcefields

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