Thursday morning, the coal stocks were finally trading higher. The catalyst for the strong move in the sector is due to better than expected earnings from Alpha Natural Resources, Inc (ANR). The company reported an adjusted earnings per share loss of $0.19 cents, analysts were expecting a loss of $0.55 cents a share. As we say in trading, we only care about the market reaction and not really what the company reports. Today, ANR stock is trading higher by 0.98 cents to $9.47 a share. Short term traders should watch for intra-day resistance around the $9.67, and $10.00 levels. Traders should note that there is a heavy short position in this stock so it could squeeze higher later after intra-day consolidation.
Some other leading coal stocks that are catching a bid higher today include Peabody Energy Corp (BTU), Arch Coal Inc (ACI), and Walter Energy Inc (WLT). Traders that want to track the entire sector can follow the Market Vectors-Coal ETF (KOL).
Some other leading coal stocks that are catching a bid higher today include Peabody Energy Corp (BTU), Arch Coal Inc (ACI), and Walter Energy Inc (WLT). Traders that want to track the entire sector can follow the Market Vectors-Coal ETF (KOL).