That's rigtht buy on this weekness. The coal is wet not gone! Everyone needs it and will need it even more in coming years because OPEC is going to put the screws to us next year. OPEC headed by Iran this year!
By the time their Queensland facilities are producing and shipping coal again, they'll be adding to a supply base that others have been ramping up during the floods. IMHO BTU is not as good as owning PCX (though I don't advise getting in now).
That's just my opinion. I have a small short position in BTU. I think others may be using it as a hedge, too.
Someone initiated MEE as a neutral yesterday, yet even they are or can be up to capacity while BTU can't. I don't have a position (either way) in MEE. The hype may have pushed some coal stocks higher now than they can hold even by the end of the week.