CNX

CONSIDER LIGHTLY TAKING PROFITS IN OUR SHORT SELL COAL STOCK POSITIONS IN $BTU AND $CNX

www.thearorareport.com THE ARORA REPORT, Ltd. HOME OF THE UNIQUE ZYX CHANGE METHOD DEDICATED SOLELY TO PROFIT FROM CHANGE BY TRADING AND INVESTING VERIFIABLE PERFORMANCE RECORD Every closed trade since 2007, without exception, is included in the performance results. Number of winning positions: 162 Number of losing positions: 10 Average annualized

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ADD TO SHORT SELL ON COAL STOCKS

Earlier we started lightly scaling in on short sell on coal stocks. Our fundamental checks continue to support our position, although momentum is against us. Consider continue to scale in on spikes in BTU and CNX www.thearorareport.com THE ARORA REPORT, Ltd. HOME OF THE UNIQUE ZYX CHANGE METHOD DEDICATED SOLELY

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REFLATION TRADE IS CROWDED

Market participants have been indiscriminately running up all stocks that they perceive as part of the reflation trade. This herd behavior has created significant shorting opportunities in individual names. Fundamentals of coal stocks have not changed, while the stocks have doubled. Our data shows that exports of coal from the

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SELL USO AND SHORT CNX (CONSOL ENERGY )

Our proprietary money flow indicators have turned negative on oil. Sell all long positions.We will not yet short oil because slight geopolitical hiccup can make the oil spike again. However ,it is finally time to short coal. Coal prices compete with natural gas for electricity generation. Natural gas prices have

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