lisa,
SLB is a great choice for short term trading.It reversed on Thursaday. CDG didn't reverse till Friday(news related). The OSX usually trends for 5-7 days. It looks like the uptrends are now starting to be steeper than the downtrends.This is the reverse of Nov.-Dec.
Because CDG has very high earnings and reports on the 18th, and was a day late in reversing on the current short term reversal(therefore I was able to safely enter knowing the OSX would pull it up) and has at least a $6 upside before it hits resistance...I bought it. Note the extreme volume for CDG on Friday confirming the reversal.Continued uncertainty with Iraq should strengthen the OSX all week...even tho I expect the DOW to drift down this week.
CDG
207.95.154.130
Check SLB and the $OSX for comparison with Thursday-Friday.
Here's another link. CDG is down 50% from the Nov. high of $83 and is trading at a PE of <9 for 1999 earings.
Check this out... fnews.yahoo.com
Other good plays long term are RIG, NE, GLM, DO, ESV, RDC, MDCO( ocean drillers)...stay away from the land drillers for now.
VRC, FGII,GIFI for fabricators
TDW for boats
HAL, SLB, GLBL for general oil service
EVI...home run
MIND for hi tech
CXIPY for tubing
Try lurking on the Strictly Drillers thread. many will generously give good insight(such as bw, Lucretious, Thean, Big Dog, sand wedge, Baird).....some of these guys are well connected to inside oil IMO. |
