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Is Arch Coal the next stock to catch fire on Wall Street?
Someone decided to throw the light switch on the coal sector this week. What had been a stalwart in the market finally succumbed to fears of a global slow down. The destruction of value in the materials market was stunning to say the least. One of the names I follow in the group, Arch Coal (ACI), fell more than $10 per share in the last few days.
While I believe the oil market is a bubble waiting to pop, I don't expect the air to be let out any time soon. Heck, the dot-com bubble started in 1996 and took 3 plus years before it busted. As a result of high oil prices, demand can be expected to be strong for coal.
I think ACI is an excellent choice at these levels. What do you think? Is it a buy, sell or hold? I'll report on ACI in next week's bull/bear report.
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