Does Coal Have Farther to Fall?
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What's amazing about coal here is according to our database, the coal sector has 53% of its total analyst ratings a "buy". †That isn't the highest sector, but sure isn't the lowest. †To me it says this sector looks weak technically and way too many are still trying to pick a bottom. †Fade it for lower prices is my take.
One thing to keep in mind when looking at the individual components that make up KOL are the enormous increases in short interest during the past 6 months.† For instance, the two biggest weightings that make up the KOL etf are BTU and CNX, with a 200 percent and 100 percent increase in short interest respectively during the past 6 months.
From an option Open Interest sentiment perspective, KOL has a "call wall" immediately above share price concurrent with the declining technicals. In fact, Call Open Interest outweighs Put Open Interest by about seven-to-one and is close to being the most lopsided readings of the year http://www.schaeffersresearch.com/streetools/indicators/open_interest_configuration.aspx?TICKER=KOL
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