What is everyone buying, or selling & why ?
Looking pretty stable out there today in the Oilpatch...
Without any individual companies really blowing earnings estimates, losing a major Rig/Contract cancellation - we are once again looking like the Street has given us a very clearly defined ''trading range.'' RDC didn't fall through its prior low, quite the contrary - held well & will probably bounce a point here.
Bought RIG, FGI today ... still waiting on RON, VTS, CXIPY, SCSWF, PGO and damn SDC - it won't budge here...
MAVK was featured by some Value Fund Manager yesterday - popped nicely today - Maverick-freeking Tube up big - go figure <VBG>...
Buying yesterday, today, or tomorrow on any little dips looks pretty good imho. I like RIG & RON as 2 of the finest companies, owned by many funds, safe solid companies and I won't get stuck here in mid $20's if I hold longterm. I also get to continually trade these 2 as they are going on round #4 here of mid $20's to low $30's - I can do that 3-4-5 times real easy <VBG>.
Traders have a real advantage if they have lived & breathed the oilpatch through this year. Not being arrogant, but there are 3-4 companies that I think I have the ''pulse'' on to an extent that when I watch the trading action in relation to news, the overall market, crude prices etc - I can stay in ''front'' of the Street here. RIG RON VTS PGO have been real good simple traders here. FGI is the coiled spring; it hasn't popped, allthough trading from $11-13 is an easy
$1 1/2 trade quite often; but it will be back to the King of ''Mo-mo'' when crude prices, API/IEA/OPEC fundamentals change solidly. FGI has an artificial $6 built into it imho, due to the extroidinary short interest. When we arrive in that sweet-spot where the funds just dive in here over a 2 week period - be it off of OPEC/API-IEA news, or crude prices - FGI will move an extra 25-40% above the OSX % imho, - well worth the wait.... Gary B; I have a ton from $10 - $ 12 7/8ths; so I will honor your technical expertise and set one last limit buy for $10 3/8ths and if it covers; I'll wait for that $9...
good luck |
