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Burned by Molycorp
29 Mar 2012 EDT - CNBC.com
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Moving to the sidelines in Molycorp may have looked like a smooth move at the time, but as it turns out, trader Brian Kelly fumbled this play.“This is a momentum stock,” he said back on December 28th. “And not only that, it’s economically sensitive. So if you think there’s any type of slowing in the economy this is not the place you want to be. It’s a broken stock, I would get out.

Unfortunately no guts, no glory. After the company reported strong fiscal year 2011 results in February, shares of the rare-earth producer marched 12% higher.So what does he have to say about this stock now?

“Clearly that was a bad call,” admits Kelly. “But I still think it’s a momentum stock and I’d still stay away.”

* You can find our conversation with Kelly about 1:40 into this video clip.______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send your e-mail to fastmoney@cnbc.com .

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