Curb Your Joy

As tempting as the rallies in ACI and BTU have been in recent weeks, perhaps celebrating their survivor status in the morbid coal sector, the reality is that it would be brazen to give the "all-clear" signal for those names when you consider major coal machinery play Joy Global continues to get wrecked. 

On the updated JOY daily chart, below, you can see the market disappointment with their worse-than-expected profit and revenue from the earnings report this morning. 

At a minimum. waiting for JOY to stabilize (i.e., stop going down) is likely correct regarding any serious positions taken in ACI BTU, or any other coal names for that matter.