Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Patriot Coal (NYSE: PCX) is leading coal stocks higher today, rising as much as 10% in intraday trading.

So what: Deutsche Bank initiated coverage on Patriot Coal today with a "buy" rating, giving the stock a boost, but there is also positive dynamics for the whole industry. Flooding in Australia has pushed the Coal Stocks Index higher recently and is another catalyst for the coal move today.

Now what: As much as I don't like to agree with analysts, Patriot Coal and Deutsche Bank's other "buy," Walter Energy (NYSE: WLT), should see some added demand in coming months. Eventually, the flooding in Australia will subside, so that extra demand will likely be somewhat short lived, but for the time being the stock run continues. I'll tentatively be bullish on today's news but keep an eye on the Australian flooding to see when their mines will start producing again.

Interested in more info on Patriot Coal? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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