...Sittin on the top trend line again - 132-ish still acting as resistance. Itll be interesting to see if earnings can drive the OIH appreciably above 132.
As for NBR well... gee what a run-up before earnings eh ?
Cant wait to see what they post today -- and I really cant wait til the con-call. This oughta be fun.
Good luck everyone.
Bear, if I can just get to 32 I'm out half my position.
This may be a great long term play, but absent some explanation for the past years performance (and look at the bounce we are getting heading into earnings) this stock is just dead money.
I dont know if this will take you to the right page, you may need to go thru the seekingalpha site,
but there is an article about oih being historically cheap and this report shows a graph that has rig count ata 20 year high and yet the annual production of oil has been going DOWN for 5 years.
It makes me feel better that I am right about the investment thesis and will at worst reassure you
it's worth a quick look
That would be nice if they would come back to energy Ryan -- but it looks to me like the reaction to earnings has been muted at best (my take on it, correct me if im wrong) -- so if earnings doesnt drive em back, what will ?
Agreed that just the natural cycle of money flow could bring em back - but the sentiment on oil -- that it was artificially inflated, that theres oil all over hte place looking for a home, that we dont want to reward the international crackpots with higher oil prices, adn that a likely democrat win in a few weeks - well.. thats alotta cards stacked against us -- with the only defense being earnings and outlook (ironically, the only tangible aspect of the equation).
If the mo-money comes back we wont see such an undecided trade in the OIH - its been an undecided and manic trade, usually along with oil, but sometimes not. If the Mo does come back the OIH shouldnt look so undecided both intraday and over daily and weekly trade.
Technically its looking pretty good in that the low-120s appears to be a solid bottom on the weekly chart. Although on the daily its at the top of a well-defined downtrend, its close to breaking above it, and in the middle of earnings season. The setup's there - just gotta break the downtrend. That should get the OIH to 140.
Pretty safe longer-term buy here in any case (speaking also of NBR) - but Id rather buy it up in the mid to low 120s.