You can thank Beat the dart for all this ... 09.09.08 ... 11:15am ... BUY McDermott International, Inc. (MDR) - last $26.25. MDR operates as an engineering and construction company worldwide under three segments: Offshore Oil and Gas Construction, Government Operations, and Power Generation Systems. Missing last quarter earnings hurt stock, but strong market dynamics and operating leverage opportunities in the Gulf of Mexico and at 7 time projected forward earnings suggests recent price decline overdone. Less downside momentum can establish entry point. Short covering evident with steady accumulation. Slow Stochastic within the macd matrix oscillator suggests BUY as Improving Moving Average Convergence/Divergence (macd) warrants commitment. With SPM +88 LONG, MDR is rip for steady advance in weak stock market. No EXIT POINT determined.
oh BS....I predicted what price to buy when the stock was still going down!
Of course no exit price....because they haven't read my posts yet and spin it like they know what they're doing.
sell before IKE storms through texas a wipes of MDR's office complex and cost it millions to reestablish. moreover, the fed. govt. will cease issuing contracts to mdr once obama takes over the us presidency.
that's just dumb.
I covered my short on the second day or dip back to 25.86
then retooled for the LONG...which I mentioned yesterday as the sure footing.
Problem today wasn't MDRs doing but the market and once the wind change you saw how quickly the stock jumped back up to the 27.50 level that was reached now a third time, if I'm not mistaken.
However THIS time we broke through that level and should be considered now a support, maybe a weak one, but one nonetheless.
I told you ALL about the buy in price weeks ago and told you that I brought up that price a bit. It hit it perfectly and it confirms my charting.
Of course nothing is a sure thing so I'm in a stop position but only at the BUY IN price. I won't raise as I go because I don't want another day like this to happen and then say oh crap as it keeps going up.
This time I will tell you that the FIRST RESISTANCE price is wayyyyyyyyyy up from here and in fact the price is exactly
$35.25 then after that $41.35 but that's too far off to worry about. That number or numbers could change but as of TODAY that's what it is.