Coal seems to be recovering in the US and with Australians whacking taxes on anything that moves and anything that doesn't offshore coal looks good.
I have traded this for awhile not holding too long as I was weary of the shorts which built up from 400k in Nov 2011 to over 13 million today.
Clearly they perceive a funding problem and resultant CR at a lower price. Maybe, but if coal keeps getting stronger there is the potential here for a major short covering rally IMO.
How do you cover 13 million shorts when the sell side volume is only 600k? Sure, some will be hedged but not all.
Any thoughts?
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