Pete, I have not follow the evil tower closely ever since I got out after they were bought out. With the insider control of the company, the stock can be manipulated one way or another. I have little interest in it now.
On the other hand, the deepwater worries are pressing the drillers ever lower. RIG almost hit 25 today. I had an order late in the day to buy at 25 1/16 but it did not fill. When the bid was 25 x 25 1/8 a minute before close, I noticed the bid-ask volume was 650 x 20!! Someone is prepared to step up here. If they don't tank any more tomorrow, I would buy RIG and NE. If RIG moves into 24's, I will initial a buy stop. If it opens at high 25's and then fades but successfully tests 25, I will buy it outright. If it close near 24 and even threaten to go lower, with Friday and all, I will stay away. Am also prepare to place a buy stop to cover my NE short tomorrow. Worth a shot here I think. The worst is to hold them over 2-3 weeks, the price will definitely bounce up and down, so sooner or later one will always be able to cash in. This is the best kept secret! |
