But it will drop again more than likely and will get a chance hopefully to snatched up more.. If not my option is pretty good now.
As a NY I agree with you. I have a spread on CLR for 1/17. Wishes for a bit of a pullback to grab a few more before oil goes up to 40+
Market down 200 CLR barely lower now along with other similar stocks possibly because of oil cutting it's loss in half by the close. The April 17th meeting is fueling this strength day after day I believe and if nothing happens that day I think oil and the sector corrects.
Very little further chatter about CLR being an acquisition target by larger oils...they have enough troubles.
Also, a stock predominantly held by its CEO almost always resists being bought up. (Sort of like a house listed by its longtime owners...they value it higher than the Market does). CLR chart is definitely weakening.
The "expectations" are dying, and the news of shutdowns of the economy in fracking regions of the country are demoralizing. Next week, particularly after hopes for oil stablization fade, CLR should have a nice fade down to its 26 chart support, and then perhaps a drop into the 22-16 range if oil/barrel skids into low 30s.
JMHO as chartist/psych trader, not oil-wise.
Last week the crude stocks inventory went up much more than expected, and CLR went up. Today the draw was less, and CLR and the other oil names are up yet again. This is just silly; the fundamental picture is a disaster, there's no faith in an output freeze, which even if there was one, would not change the glut issue. Technically, CLR is grossly overbought and hasn't had anything close to a Fibonacci retracement.
Downgrade seems to be holding shares down so far for now but we need to see those 10:30 am numbers.
Stifel cuts to hold which makes sense after the big run but shares will follow oil like these stocks do each day. Inventory numbers last night saw a draw of 4.3 million which was a surprise this mornings numbers will determine where these stocks trade later today. It would be funny if we see a build similar to last night's number then what do traders do? Oil was up over 3% earlier now closer to 2%. I'm not sure but didn't Stifel just upgrade CLR about a week ago?
So on April 1, five days ago, Stifel reiterated a buy on CLR. Today, they downgraded the stock to hold. What did they learn in the past few days that caused them to now turn bearish?
Tuesday's inventory numbers saw a draw of 4.3 million barrels which was a surprise. For much of the day oil was slightly up then down but it rallied late on the Iraqi news now higher in the after hours on the inventory news. I saw many low grade energy stocks ( MRO, DVN, RIG even LNCO and LINE ) stay higher even when the markets were at their lows in the last hour. I think these inventory numbers were out in the afternoon and traders knew them.
I hope so for 2 reasons I want those cheaper gas prices again they have jumped over .30 here in NY in the past 3 weeks and I would like to get CLR shares in the lower 20's again for another run to $30+.