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Getting My Hands Clean With Coal: JRCC
One trade so far today for me, and it’s another day-trade, this time in James River Coal Company (JRCC). It’s a low-dollar stock, but with the Mitt Romney’s comments in Wednesday’s debate about the coal industry, pushed the stock 11% higher yesterday.
Technically the move broke the bull-flag we were seeing the stock trade in, and looks like it is ready for a move beyond $3.00. I’m using a stop-loss of $2.91 with an entry at $2.98, but even at $3, where it is currently at, still offers a solid risk/reward setup.
There is a slight chance I could hold this stock over the weekend, but it won’t be with a full position size.
Here’s the JRCC trade setup.
Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.
Be Sure to Check out Ryan’s Site at Shareplanner.com
2012-10-05 19:20:37
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