Alpha Natural Resources (ANR) Shrugs off Strong Dollar Inverse Correlation - Breaks Out
Some of the coal and steel names are trading in a parallel world right now... strong dollar be damned. Alpha Natural Resources (ANR), in parts of 2008 our largest position, has broken over the key level of $42.25ish and you can see the computers all recognizing the pattern and a feeding frenzy has ensued.
Identical to what happened about 6 days ago when peer Walter Industries (WLT) broke over $72.50ish
The sector strength in this market remains completely random... I have no idea what story the market is trying to tell me when coal moves up with healthcare. When utilities move up with selected retail... etc.
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