Dave, thanks a bunch for your UTI update. Good stuff indeed. Also thank Steve for the CDG update. I think today is really a model day for this board. We have a bit of everything. Also, LAST CALL for feedbacks on the direction of this thread. I have received 26 e-mails so far. Very good feedbacks from people all over. The deadline is 4pm tomorrow. After that I'll compile the results and let everybody know. I already know it is going to be a very good insight on this board. Send them here: tyyeoh@rocketmail.com
The drillers really caught everyone's attention today. CNBC, NBR and CNN all reported on the drillers in some depth today. GLM's CEO did not say anything silly nor sarcastic. But I do feel he wanted to dodge the question about how low crude can go before the drillers get hurt. I think he "reluctantly" say 3-4 dollars below current levels for "certain" players. I think $12-13 represents the rock bottom crude level he sees for the Strongest of oil companies to turn a profit according to his book.
Lou Dobbs said something about HAL's CEO going to be interviewed sometimes on CNN as well. I did not catch when? Tonight's MoneyLine at 11pm or tomorrow or on CNNFN?
Today 10% hair cut across the board effectively took out all the gains of last 2-3 days that were fueled by the first wave of Momentum money. Johnny-comes-lately got stinged again. The way I see it, LT's strategy of bottom fishing makes a lot of sense - buying when everyone is scared shitless. After seeing four gyrations in the down direction since Nov, I think we know exactly what to do if the drillers tank another 20%. It takes gut to bottom fish. Kudos to LT.
As to where the drillers will do tomorrow - as I said earlier this morning, we have a good chance of a higher open and some initial strength tomorrow MORNING if and only if the overall market cooperates. If Asia tanks again and S&P future is 5 points lower tomorrow morning, forget it. Being Friday and so much uncertainty, and especially if crude continues to slide towards $15, this opening "pop" will lose steam very, very fast. Haven't we seen this before?
I really don't expect an immediate turnaround even if crude can maintain above $16 tomorrow. The technicals has to work its way to short term neutral, then hopefully oversold, before a good rally can be had. Scenario #3 is where I stand right now - meaning we are heading lower but will probably not penetrate previous low. Then we will gyrate a few more times in a 30% trading range for the next two months. If we break support, just remember those numbers posted by PEngr.
As to SLB being French, just be watchful of your mouths, unless you want to be whacked by Heyward the bird-shooter and pissed by Sarg. Pepper.
Also, give Teddy a break. Think of how much Teddy has contributed and he does not deserve this adult stuff from people. |
