Freeway - COVD must have had one big ole short squeeze
Amazing volume of late - I took a Buck+ & left. Was able to trade it a couple of times selling into the open profitably and buying it back cheaper as the shorts & the big seller killed it during the day. I got $4 of today's $5 move a dollar, or two at a time. Sold after the open again today,thought for a minute I might get to buy some at $16 (VBG)- got a small profit, but obviously no cheaper entry - (VBG) ? Missed a couple of bucks... oh well. Amazing $5 - 20% run up. Has to be some serious short squeezing - the news was not worth 20% imo.
I put my COVD money into some shorts in tech.
MSFT DELL CSCO INTC ORCL EMC all off... not looking like any Institutional buying stepping in here.
Major point - no one is walking their talk in Institutional land here !
Just look at former mo-mo fav's like FDRY & JNPR - you couldnt click the mouse fast enough to buy, or touch these stocks at todays levels during the first two blow offs - they got bought huge & ran like scalded dogs from this level - but, not today... and imho, not tomorrow....
This example is why I am a short into tech & grabbed the money & ran from COVD - I'd be looking for a profit exit imo Jane on COVD.
OEI is a prime example of my profit taking thoughs - it was virtually at this same price the first of April , but it's a nice longterm solid value play. EOG back & forth, nothing is making any major move here - UPR did , because of the Anadarko merger & the huge discovery made by APC, but APC had an announcement similar to this last year , then when they re-adjusted their expectations on the discovery - the stock tanked. Of all the stocks in the sector - UPR/APC are take the profit & rotate plays at the least imo.
There are some sterling value's out there - BSNX THX HSE still trading at riduculously low multiples of cfps, P just had its earnings & cfps estimates raised on the ARCo Alaskan asset buy - they are TREMDNDOUSLY UNDERVALUED on a longterm basis - incredibly cheap - a core must own - safe, conservative play. The old fav's OEI XTO PXD are nice buys on pullbacks and still have more upside . It's just a matter of do you want to buy & hold, and especially to hold on margin and risk getting whipsawed at a top ? (shouldn't that really be an oxymoron ?) - have we not had lots of volatility around OPEC meetings, Fed Meetings - major market moves ? Isn't there on hell of a lot of risk over the next couple of weeks ?
There is also no major sign of any significant momenteum money going anywhere in play here.
XOM down $2+ - simply nothing indicative of a signifcant reason to not take profits - have some cash for better buying opps, or to buy much here in the oilpatch.
Uhhh Ohhh - Chernobyl is acting up again ! Grab some Gold & head for the bunkers (ROFLMAO)~ |
