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Parker Drilling Co. Message Board

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  • ezgreen ezgreen May 26, 1999 5:25 PM Flag

    PKD & NYMEX

    It is not a very clear picture of H&S of the PKD
    chart. However on the NYMEX chart it is definitely more
    defined. I personnally would use the NYMEX to
    guage/correlate the right shoulder heighth for PKD. I do not know
    of anything that would not apply to PKD or the NYMEX
    when it comes to TA, moving averages, stochastics,
    MACD, etc.. About PKD crossing 4, I don't have an
    opinion one way or another with regard to the H&S
    pattern.
    Good luck. ezgreen

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    • I dont believe that TA has any particular use in
      this and other small caps. Take todays trading as an
      example.
      From 12 oclock on the bid/ask was 3 1/16-3 1/8 with a
      bid ask size of 100,000-20,000. The trading from that
      point, was so curious that I followed it closely for the
      remainder of the day just to see what was up.
      With the
      exception of 2 small sales at 1/16, every transaction was a
      buy at 3 1/8. The chart was a flat line. While these
      buy transactions were small (less than 5,000) they
      still added up to 50,000+ shares by 3:30.
      Oddly
      there were no large trades, and despite turning over
      50,000 shares, the ask size did not budge by even a
      single share.
      This meant that the specialist was
      selling (short) shares from his account every time a buy
      went in.
      Then at 3:40 the bid size popped up to
      150,000 and instantly a 50,000 share sell came in to chew
      up the excess.
      After that sale (the specialist
      had a nice day) trading resumed as normal. Every
      purchase resulted in a drop in ask size and the large
      orders suddenly reappeared to send the price up. At the
      close the ask was up to 3 1/4.
      What this tells me is
      that the 50,000 share sell was phoned in early; the
      specialist was ALLOWED to accumulate a short position
      KNOWING that all the large buyers would not mess up the
      plan by sending up the price until AFTER the
      specialist grabbed his profit.
      To summarize; the price
      action today was clearly manipulated and obviously by
      only a few people. How can you evaluate that with a
      chart?

 
PKD
4.94-0.18(-3.52%)Sep 30 4:06 PMEDT

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