You guys are prolific. I feel like I just read a novel! So many posts. So, a few thoughts....
1. Drillers down again- no big shocker there. Take a look at a yearly chart. I thik you'll see that most drillers retreated below their 200 dma and then proceeded to bob up and down around it until a base was built. Looks be same case again. I had originally thought that the the drillers were stronger this year than last and wouldn't retreat as much---Wrong! Same ole crap being tossed around this year as last. Those of you that were w/ us last last year know what I'm talking about. NE went from 24 to 15. Like I said, L-T guys: sell calls. You S-T guys: we're probably nearing the bottom so I wouldn't sell here, but maybe wait for a rally. If you can wait a few months, you'll make alot of money, but that's up to you. Some of you traders can make more by selling now and using the capital else where. I'm still looking for the downtrend to be broken on this slide w/ NE bottoming out somewhere around 24, and consolidation to begin around the 200-day moving average for the next 2 to 3 months.
2. If you're hoping for earnigs to pull us out of this-- I got some ocean front property in Arizona.... (love that song)
3. Who is this Carmine guy?? Gee, I hope I "get it" someday. Hey, a little tip: don't discuss what you don't understand. It only makes you appear foolish.
4. Mike: go get 'em! I like your style!
5. P Engr.--- wow, and I thought he was just a petroleum engineer. He's also a mkt guru. He should really consider quitting his job w/ the oil co's and go to Wall Street where he can be paid for his brilliance. Spare me, this guy's been right three times in a row about pullbacks in the drilling sector that everyone has seen. We just didn't know how bad. Neither has he, I might add. In addition (something most don't remember because they haven't been in this sector that long) was that P ENgr has made numerous predictions before these latest 3 that never happened. Well I guess since I called this latest pullback last week, I'm a guru. ---I DON'T THINK SO. There's no such thing. Just take the guy w/ a grain of salt. He knows the drilling industry (which he still likes), but his mkt calls are another matter entirely.
6. Glenn- how'r those CSCO puts doin? I'm crazy, but I'm still short. I think this mkt looks ill.
All IMHO of course
-Lucretius |
