Short Postiions Not sure what if any the short positions were on Cline, but may explain why the price has stopped falling. Also, some fishing at the bottom. JMO, but I think we stabilize around $.40 then start a slow decent over the summer months into the 20's.
Bottom line is no one wants their coal. There is no spot market for their marginal met coal and they can't sell it into the thermal market, as the thermal market is in worse shape and if the company hopes to be a met producer, they don't want their first shipment to go thermal.
This is more than a 60 day issue.