Hi Sandra,still in TMAR? Possibly against my better judgement, I purchased PKD(again) between 3 1/8 and 3 3/16,as was the case in early
January.
The P&F chart shows "Parker Drilling Co
PKD (01/29/99) 3.19
Sector: Oil Service (Risk: *Bull Correction 36-) Stock Mom: Pos
RS = Sell, 10/16/90; column = Os - Trend Chart Broke a Triple Bottom on 11/30/98 "
Currently sitting on a double bottom on the chart at 3.00..Touched 3.00 Friday to close that box, earlier half of the double was in the beginning of January.So essentially we are sitting at the 52 week low (real number was 2 13/16-beginning of Jan).
With hopefully decent news around the corner,Venezuelan new leadership taking office next week,talks of more cuts for non-OPEC countries,and OPEC meeting in Mar.,US energy head beginning to feel the heat,most warnings are out--and the sector looks like sh.t<g>..I thought it was time to play a bounce again..Granted the sector is not looking good supply wise,and rig counts are continually dropping(land rigs also-PKD is land and shallow drilling-plus tool rental)..But my gut tells me the double,triple and quad bottoms of many OSX stock could hold at this point.Volumed was strong in the OSX sector on Friday,many stocks tried to bounce of the intraday lows-and some did-not sure if this was a blowoff,but we got to be close,IMO..The sector is still very sentiment driven,IMO at this point as well as supply driven..
>>>>>>>>>>>>>
BUT, that said..currently the P&F NYSE BP has reversed down,as well as the AD line chart..I'm walking on eggshells in this market--it is a hollow marketplace IMO..Note the 5 top bigdogs on the NAZ make up 38% of the NAZ comp (hence it's gains),S&P had 200 stocks up/300 down,and the DOW-'nough said.
Mutual funds have down great (Because they all hold the bigdogs,which have been liquidity driven-and analyst driven,IMO),so IMO--this is a false front..be careful. and as Red would say,and keep smile'n..DD
PS: traget for PKD for me is around 4-4 1/4 (this is where a previous triple bottom broke prior to the current double bottom-a bearish chart,but I'm playing the contrarian on this one<g>-if need be,I'll cut and run if it closes the 2.75 box-I'm keeping tight stops in this market) |
