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%
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