James River Coal: The Wrong Sector Proxy

We don't have much of this position left - about a 0.4% exposure - but I am closing James River Coal (JRCC) as the stock begins to break down post earnings. Monday, the company reported, and The Street was not too pleased. I have no affinity to James River other than as a potential takeover play; it was just a "proxy" play for coal and so many of its peers are acting much better, so when the stock market drops for more than 2 days.... or 2011 (whichever comes first).... I'll switch into any of a number of larger peers.

Technically there is a little gap to fill and it really is more of a short candidate than long after Monday's reversal.