Good day for the market. Good day for energy stocks. SPN finishes down and at the day's low. It looks like a replay of September 2006. SPN should bottom around $30. At that point it will be a buy for me.
Giiven that SPN almost touched $30 when the news on it is relatively good, I am now going to wait until it gets to $25 to get back in. If the earnings report is not really good, which given the results of all its competitors is very unlikely, there is no way it won't get to $25.
I'm glad that I looked at the facts and didn't listen to that guy I put I ignore, jink something. Is he still telling you how SPN is going to $50 soon and how it would never get down to $30?
I'm convinced!!! The downtrend is firmly in place. I will also start buying when it gets near $30. I almost bought in earlier until I read the posts about staying patient and the lack of follow through with the announced buybacks. Thanks.
thats how the game is played, dear trapped longs.
SPN is a junk company with overvalued stock. Its headed down to $20-22 where it really belongs.
Sell and buy OIH.
Disclaimer: heavily into the pair trade- long OIH, short SPN and a couple other overvalued pig oil stocks
Downtrend remains intact. It appears SPN management is having no problem staying out of the market with no buybacks at this price. If they're unwilling to jump in now, why should we? As others have said, although it's difficult to overcome emotions and not buy early, $30 still looks like the magic number. GLTA
so you keep saying, but you fail to support your reasoning, fundamentally or technically.
i loaded the truck up at 35.50 today, and am quite pleased with my 35.77 basis.
why dont you state your position, so we can measure that, given that you refuse to state your logic.
good luck to the rest of you.
Several have commented that an upturn will occur once the anticipated positive quarterly numbers come out. The 2nd quarter's numbers were quite positive and that didn't produce the results many had anticipated. With an increasing perception that a recession is a 50-50 likelihood, what will justify an upturn this time? But perhaps I shouldn't be looking for "justification" since I still haven't heard a clear explanation of the basis for SPN's current undervalued price.
I listened to the street.com guys. They hit it on the head that SPN beats regardless of any perceived weakness in the GOM.
What many dont understand is that there remains a ton of work as a consequence of the 2005 hurricanes. So much decommissioning, which occurs regardless of weakness in the GOM. Two primary companies do this work, TTI and SPN. Period. Between that work, energy production, new land-based work, and international work, SPN will continue its growth trend. Anyone that does their DD will appreciate these facts.
Well, assuming that the company acts on the buy back, as I hope at these prices, I cant imagine that there will be an unexpectedly bad quarter. That would be a very bad thing to telegraph to shareholders.
The things is, even if the GOM continues to slow, SPN and TTI make money from decommissioning. A huge market that they share. And TTI has been climbing nicely after getting hammered.
I think it's nothing more than a largely tute or so. If you watch the daily charts, the stock is getting walked up and then hammered down with large block selling. I think today is the last day -- end of the quarter.
I would not infer much from GOM slowing. It's been slowing for the last year, and SPN continues to beat expectations as it diversifies and sells its oil at increased prices.
Replay. Oil closes at another record, SPN closes down near the day's low. Does anyone see a pattern here?
Market and Oil go up, SPN closes down. Market drops, Oil goes up, SPN closes down. Market and Oil drop, SPN goes down. I think the market is trying to tell us something about SPN's stock price.