Why would anyone buy when management said earnings will suffer??
A few weeks ago management pre-announced earnings will be terrible, so why would anyone be buying here and not shorting? I am looking for another possible pop, and then I am going to start scaling in to short ahead of earnings. Anyone else??
U can stuff the fundamental garbage up Mel's butt. SLB was up today because the big boys jumped on the oilies to jack the market up (along with the financials). U'll notice OXY, CNQ, HES, CVX, XOM were up, to name a few. If the market goes up, it could go to $74. If the market corrects, it will be heading down from where it came.
It's neither a good short, nor a very good long, unless you catch it for a day-trade.