Oil has declined again, however today more than 140k (50% of outstanding) futures contract for December changed hand. usually the high volume indicates a short term bottom is reached. that will be positive for oil and OIH.
oil is being manipulated again and it is the only commodity that is sitting on its 52 week low.
I have THE too. I think we will be fine. RDC missed big time today and was up. these stocks are very cheap and THE is the cheapest offshore driller. even if it goes down a day or two it should be right back up.
I just hope tomorrow's crude number is not too bearish.
Well Knightster Im sure the earnings will be fine - whether or not the stock reacts well ... welll...
The praying should happen before you buy it - once you buy it ur along for the ride !
heheh - good luck man.
Markets go up and down on sentiment. You and I both know that companies like NBR and COP are WAAAAAAYY undervalued. This will be resolved in time. Be patient and don't get tricked out of your money if you're long.
...and as predicted the OIH is back down around 132.
Trying to paint a positive picture for price appreciation in both oil and the oih is gettin harder to do.
Most of the positive catalysts have passed.
Next real catalysts are inventories tomorrow and wednesday.
Alot of the pros - and alot of the tv personalities (Eric Bolling for one) turned negative to positive on the oil patch on a dime, and right at the top of the recent short-term range.
I think that while fundamentals justify a higher price and will surely dictate a bottom in the OIH, the overall sentiment is weak, with election pressures and overall market topping pressures having influence this week.
Inventories will be key, but offer little hope, as both NG and oil should show another build.
Buy em on weakness. An OIH that gets back to the low 120s is an opportunity. An NBR below 30 is also an opportunity.
Good luck all.
tomorrow is very important if we break 50 day MA then I have a feeling that you are right and we will go south very quickly. OIH has no support till 120.
I personally think passing of election will be positive for oil and negative for the rest of the market. then again nothing has worked for these companies.
metals are at all time highs. I just do not know why the soft economy is not effecting them.
You brought up Bolling. Last night, he mentioned he's long AU, and short the USO.
Looks like he's not the only one. Then again, with the NYMEX set to go public any day now, are they really going to go forward with the offering in the midst of an annihilation in CL??
Believe it or not, I worked with Adami for 3 years in the late 90's.
He's really a gold trader. I did the books for his desk.
I'll give you this, almost all prior selloffs in CL this year have coincided with worldwide commodity selloffs.
Not this time - something doesn't smell right about this.
The midwest is gonna have January like temps all week, and heating oil is getting crushed????
As for stock trading, today, look for the mutual fund mark up to unravel somewhat tomorrow.
The strong components of the OIH today are those that are GREEN are on a YTD basis.
That's why there's relative strength in ESV, SLB, and RIG. Meanwhile, DO is getting hammered, again.
Yeah Ryan - sux about DO. Another 'be patient' stock.
NE has also finally started coming off its good-news highs and is again starting to perform with the group -- although it has gained quite a price premium in the last couple weeks.
I suspect the LBO air might come out of that one, as I think part of the price appreciation was due to LBO talk, along with the great earnings.