Bookkeeping: Trading Position in James River Coal (JRCC)

I am adding a new coal name here but unlike the others this one will (I think) only be a shorter term trade: James River Coal (JRCC) has dropped from $60 to $41 in 2 sessions, or about a 32% loss for people buying 2 days ago. This is a much more speculative smaller cap coal name unlike the type I hold in the fund for "investments". It is unprofitable this year but should show a massive amount of profits next year as it is very unhedged in its pricing for 2009. At a $1 Billion market cap it is also a buyout candidate. Maybe I am convincing myself to keep it longer, as I type this :)

One complaint I had with the hot sectors like coal is the stock prices were nowhere near any support. Well, within 36 hours some of these have gone from nowhere near support all the way to the 50 day moving average. Now that's a correction.

For now I began with a 1.8% stake with purchase in the mid $41s.

Long James River Coal in fund and personal account