A number of coal companies are seeing action as the sector continues its losing aways amid falling commodities prices Wednesday. The Market Vectors Coal Fund (KOL) is down $3.47, or 8.3 percent, to $38.30 a share. Options on Peabody (BTU) and Massey (MEE) are busy. Arch Coal (ACI, news, chart) is among the most actives as well. Shares are down $3.15 to $43.04 and volume in the options market is running double the usual. Sentiment is not entirely bearish, however. 19,000 ACI calls and 16,000 puts have traded today. The September 45 calls are the most actives, with 4,100 traded and 60 percent trading offerside. Open interest is 1,959, which suggests some players are venturing in to buy short term calls following today’s decline and ahead of a presentation from Arch Coal Chairman and CEO Steven Leer at a Lehman brothers conference tomorrow in New York.