PCXCQ - Patriot Coal Corporation (old PCX)

Patriot Coal Corporation engages in the production and sale of thermal coal in the United States. It has operations and coal reserves in Appalachia and the Illinois Basin. The company provides its thermal coal to electric utilities, as well as metallurgical coal to steel mills and independent coke producers. It has 16 company-operated mines, contractor-operated mines, and coal preparation facilities that are located in northern West Virginia, southern West Virginia, and western Kentucky. As of December 31, 2008, the company controlled approximately 1.8 billion tons of proven and probable coal reserves. Patriot Coal Corporation, through its subsidiary, Magnum Coal Company, operates 11 coal mines and 7 preparation plants with production from surface and underground mines located in Appalachia, as well as controls approximately 600 million tons of proven and probable coal reserves. The company is based in St. Louis, Missouri.

Crossing 50dma, Earnings Tues.

Yep, 2 for 1, effective Tues.

Good day.

Forming a good base here with a double bottom. PCX's parent company BTU reported a good quarter. Coal group seems to be bottoming. Looking to establish a position below $6.