Patriot Coal Corporation (fka PCXCQ)

[AugustaFriends]

PCX $1.02 to $2.62 Patriot Coal: What A Short Squeeze Looks Like

Shares of Patriot Coal Corporation (PCX) soared by more than 30% on Thursday despite the lack of any major news. This move comes after PCX rallied more than 30% in the previous trading session

Evidence Of A Short Squeeze

One reason why I believe the recent move in PCX has been a short squeeze is the lack of a major move higher in other coal stocks with the exception of James River Coal Co (JRCC). Interestingly, the only coal stock with a higher short interest than PCX is JRCC.

Short Interest
As of June 15, when short interest was last reported, short interest in PCX stood at 25.48 million shares or 28% of the float. What has likely been behind the rally over the past few days is short covering.

Sector Short Interest

James River Coal Co : 47%
Patriot Coal Corp : 28%Alpha Natural Resources (ANR): 10.5%
Peabody Energy (BTU): 3.2%
Consol Energy (CNX): 14.6%
Arch Coal (ACI): 19.2%


http://seekingalpha.com/article/703671-patriot-coal-what-a-short-squeeze-looks-like?source=yahoo