The Coal Miners are one of the worse performing sectors for some months now. There is a fair bit of talk that this weakness is due to the perceived 'China slowdown'. They sure like their coal in China, and Zerohedge did a good report this past week showing that domestic power usage is back to July 2009 levels - a very good indicator of whats really going on there.
PCX - weak weak WEAK!
Still a very general down trend in occurance, I guess it could get a little bounce soon enough for early summer - not least if SP' 1550 occurs. However, I'm in agreement that if China - along with Europe, are seeing renewed economic weakness, that coal prices will remain weak..and the coal sector will continue to reflect it.
I'd assume if that's the case, that PCX will end up around $3 or so later in the 2012 - at the next major down cycle (sp'1300/1150?). At such a low price, even whilst it is putting in even further losses, it'd sure make for a tempting long term speculative buy.