Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Big Dog who wrote (45580)	5/27/1999 3:54:00 PM
From: SliderOnTheBlack	Read Replies (3) of 95453

{the way HLX is trading, it looks like something is very close} ...I sure hope so; loaded the boat on a very concentrated bet on HLX's pre-earnings selloff to $5. HLX to $7+ was a bounce play and $12 looks to be a reasonable ''fair value'' level imho; in an $18 crude Oil enviroment and with this expected recovery in the Oilpatch. There are not a lot of calls being purchased today; at least not the volume indicating that the Street is expecting a buyout ? Could be lots of short covering - remember this got heavilly shorted from $7 - $5 - so a bounce over $7 on short covering alone without any buyout news/rumor was a near given after their positive earnings release. I'm letting HLX run here - no reason we do not see $8 tomorrow if the rumors are not completely denied and $10 seems in reach shortly on a frenzied run up and a $12 takeout looks realistic as well. However, if we do not see heavy call option activity soon on HLX - I may take profits on any retracement here and just let 1/4 position ride.... I think watching the call option action is the ''read'' on this happening, or not... If the Street gets behind a HLX sale/merger - we're going to see options start really cooking and $10-12 is guaranteed - no sale less than $12 imho. The FGI/HLX combo makes sense - still lots of HLX upside if the deal happens... no reason to believe it won't....(VBG) . Hope the ''Oilpatch Dog'' nailed this one... going to make alot of people happy here on ''SD" ... damn; ought to raise the subscription price with this type of cutting edge M&A news ...(VBG) ! Go Dog ! **** edit ; 2 minutes after I wrote this - I check the call options and they are jumping on the June & July 7 1/2's - but 600 or so, is still less than I expected ... maybe tomorrow it goes nuts ? - BAMM there goes $8 taken out....strong volumne into the close ! I think you may have one DOG ! - do I hear $12 ...... from $5 ? - Hooooo Hahhhhh ~

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