Coal Sector Shooting Higher

Coal stocks are moving higher Monday morning on what appears to be little fundamental data. Most coal stocks have a high short interest, leaving open the possibility that much of the move may be shorts covering their positions after initial momentum on the open.

Interestingly, European coal fell to a four year low Monday after Credit Suisse cut its target on the commodity by 6.3 percent. The note stated that US shipments of coal may fall below 40 million tons for 2014 versus 51 million tons the year before.

Related: ParkerVision Shares Down +60%

Price updates on the sector are given below:

Walter Energy WLT shares are up 6.36 percent

Arch Coal ACI shares are up 2.05 percent

Alpha Natural Resources ANR shares are up 3.73 percent

Peabody Energy BTU shares are down 0.41 percent

Anglo American AAUKY shares are up 1.14 percent