Did we have blowout volume in last Nov-Dec & March sell-offs?
The light volume was very, very disturbing to me - BDI shareholders buckled like a bunch of weak-kneed girly-boys 1/3 less than normal volume and the biggest loser of the day... damn, they just bought some more Rigs ! Quality fleet; loaded with SCR Rigs; acquisitive and will be ''the'' land driller going into the future! BDI puked 10% to lead the league... now 10% BELOW its 52 week low! Selling at 1 x Book ! Somebody like a cash rich Off-Shore driller ought to buy them out at these prices. Hell, I know Oil is cheap and Rigs are getting stacked, but this is OVERSOLD ! I can sit and wait a long damn time on BDI at under $10 Bucks - this is a$28-$30 stock at $18 oil; I can wait a while for a ''triple'' - just call me ''Sitting Bull'' !
Will break open the piggy bank and burn all bridges and modes of retreat for one last average down if we see @ FGII -$28, EVI - $45, TDW $33, CDG $35, FLC $25... holding OMNI & HLX (still up in last 6 weeks !) MIND as a value play and a little TCMS for a ''triple+'' sooner or later... and 2 other ''dirt'' drillers UTI & PTEN - I actually like the land drillers the best right now with their superior upside being able to ''triple'' to prior 52 weeks highs versus more moderate upside on the deep drillers; if I'm gonna suffer and wait; I want maximum upside - give me some ''dirt''...
I'm fighting back... gonna follow ole' Cramers advice of what to do in a sell off... I'm going to pare down to just my most fundamentally strong companies in each sector ( fundamental value vs. maximum upside potential vs. remaining downside), selling off others. Doubling down on those I'm keeping and riding out the damn storm with, come hell or high water... I'm just not experienced enough to time tops and bottoms & re-entry points, so selling off non-core holdings and doubling down and digging in with those I want to go to battle with...
I read Cramers remarks on the Oils ( I like the guy & TSC) and to add insult to injury; he quoted ''the trading Goddess" (his wife) who really put the 'MoJo-VooDoo Hex'' on oils... Well Cramer; I have just one word for you - BUYING OPPORTUNITY (make that 2 words) !
PS: did I do good on this one guys ? <VBG>
Monday June 1, 6:45 pm Eastern Time
U.S. OPTIONS/Bullish combo in EVI
CHICAGO, June 1 (Reuters) - A large spread executed in EVI Weatherford Inc. (EVI - news) options involving the July 50 puts and November 60 calls looks like a new bullish position, analysts said.
The July 50 puts and November 60 calls had minimal open interest heading into the session, which implies the spread was an initiating position, said Michael Schwartz, a managing director of CIBC Oppenheimer.
''He sold the puts to finance the call purchase, indicating he's bullish on the stock,'' Schwartz said, noting the puts are near the money while the calls are out of the money.
EVI Weatherford, an oilfield services company, was formed this spring as the result of a merger between EVI Inc. and Weatherford Enterra Inc.
EVI shares were down 2-3/8 at 48-3/16. |
