CNX

Consol Energy (CNX) - I closed the other half of my position for a 64% GAIN. I don't want to hang out through earnings on this one, especially after NSC report on coal shipments. I am completely out of CNX for now. Bought to close CNXQD @$.30

Norfolk Southern Q1 Earnings Call (37.37 ) -Update : Co says the recession continued to depress transportation demand, volumes were down 20%. Total coal revs fell 9% y/y, intermodal revs fell 25%, merchandise revs down 28%. Looking ahead, co says the auto and housing markets' bottom may be at hand. Co sees growth in scrubber stone, agrifuels, military traffic and waste products; sees weak metallurgical coal demand in U.S. and export markets, lower electricity demand, competition from natural gas. Co sees local domestic intermodal market growth, weak international shipments.

This report could be a tell of CNX earnings report. I have a position in Alpha Natural Resources (ANR) also that I may consider getting out of with a gain. If CNX's report doesn't effect the coal sector too much either way, I will consider writing more May puts for time decay income. I will keep you posted.