As a follow-up to my Mr. Peabody is Put Down post of January 11th……….
The largest coal producer in the land had, for years, what seemed to be an absolutely superb stock on its hands. It was the kind of graph that a Google or MasterCard enjoys……..
The mighty have fallen, however, as the once-hailed industry of coal has hit supremely hard times. Peabody declared bankruptcy today, and although the stock hasn’t opened for trading, I’ve pointed out approximately where the indication seems to be. As devastated as BTU was when I did the post back in January, the price then was about five times higher than now (assuming, again, that you could even trade the thing).
Of course, this is the stark exception, as the rest of the market keeps stomping higher and higher, irrespective of news. Buy, buy, buy!
