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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Ox who wrote (19593)4/19/1998 12:29:00 PM
From: Thean  Read Replies (1) of 95453
 
Mike,
The late day surge in MDCO is partly related to its recommendation by Stocksmart. IO also was mentioned and it too had a similar late day surge. Now back to MDCO, agree that if it closes above $25 it will be very positive on a breakout mo-mo push. On the flip side, $24-25 is also the resistence territory.

Next week is going to be earning driven. Last week ESV gave us a dose of earning/annoucement reality we can expect from the drillers. Everyone will be looking at SLB. Check out this link early in the morning before the market opens for a glimpse of the European movement of SLB, HAL, BHI and CXIPY:

finance.yahoo.co.uk*F+HAL*F+12936+13064&market=*&detailed=t

Oil is stuck in the $15-16 range for now and as long as they are bound within this range the drillers will be less likely be driven by the commodity price. Ron is back and he hasn't talked yet but his short stochastics is saying we are midway in the up cycle currently. Many things can happen between now and end of the next week but if everything is neutral then the short stochastics will likely be above 80% for most drillers by then, which means it's time to book the profit.

The only dog of the dogs among the land drillers is GW. Its PE is still relatively high but since it has done absolutely nothing despite good upside price movements for its peers like UTI, PTEN, BDI and even NBR lately, it may have a knee-jerk reaction if positive development overall or company specific surfaces. $5 is the big resistence for GW. I bought into GW last week for a speculative play.
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