Earnings don't matter in these stocks, and general market direction only vaguely matters. Oil price correlation matters sometimes and sometimes not. For instance the recent significant breakout to new 52 week highs in oil prices didn't break these stocks out to new 52 week highs, and yet the recent mild dip in oil prices have made these stocks sell off 10% in 7 days. Go figure!
You make the big money in these stocks just playing the most reliable of the seasonal trades....buying the 4th quarter weakness and selling into the first quarter rally that the institutional traders create.
We should rally after a straight down 7 days and 10% dip while the general market is up and Oil prices are still likely to remain 100+, but who knows. I'm sticking with my losing trades here and in ESV.
I would guess the same re ESV. ESV has done much worse in terms of stock price this year...if sentiment turns, even for a week or two, I think ESV will be the outperformer. That's been its typical pattern anyway when we have up days in the Oil Service Sector. I'm keeping what I bought today in ESV and NE. If we close strongly I think we'll get a gap up open or at least some follow thru strength tomorrow, esp. if NE can turn positive here.....currently just down a few pennies. Looks like they might have used the 200 day sma at 37.50 as support, and that's where upside volume did indeed come in.