There has been no change in these drillers. Similar to coal companies that just keep making lower highs and lower lows. SDRL continues to make new 52 week lows. Refreshers on the offer as they continue to take them lower. Never mind making 2% a year in GIC's. Make 5% or more a day shorting some of these stocks that the big boys are taking to the cleaners.
Some big money has made a bundle shorting these shares. So very easy for those with the big money provided by the FED to control sectors and make 100's and 100's of millions of dollars.
We do not move the market. Our retail shares are insignificant. I just took profit as I traded. I bought some FEYE after hours when SPLK beat and raised guidance. It is always wise to take profits. Granted, some times I do get shook out . Maybe that will be the case here but I am not a gambler.
Expecting it to move down some more next week. Nothing positive about Jeffries raising price target to 40. Maybe some big traders are short now in MU and will take it down some more in the next couple of weeks. In a couple of weeks they can cover and go long before earnings.
When the big money has made a decision regarding direction you better not be on the wrong side. Fundamentals will not matter.
The heavy trading folks are not imbecile's. They are the folks making money. They are not trading these millions of shares and not making money. They are the traders. The investors are waiting for next earnings hoping it is going to beat like all the analysts are saying but not trading.
New technology replacing the old. A continued downward spiral with folks continually catching a falling knife.
Yes they are oversold and RSI's are under 30. Yet they continue to fall. In 2010 DO was 110. Market has been a wild bull for over 4 years. DO has bee a sleeping bear with a price of 38.54 and still falling. I shared the same theme will coal companies in 2011. WLT was 140. So it was a bargain at 80, 60, 40, and now 3.44. Some drillers will make it through and others will go bankrupt. I do think more drillers then coal companies will survive.
Obviously it is a treacherous time out there. The oil companies will squeeze the drillers so be careful.
Decided to cover the rest of my short here at 28.25. May be a long on Monday or may be a short. We will see but I do think there will be a trade here Monday. Have a great week-end everyone.
Full disclosure. I was short because of the whole sector getting hit, shale being where funds going, oversupply of rigs, Russia situation, etc. I did cover on Friday for 3 reasons. A) Big drop because board member not seeking re-election creating over reaction, B) stock down nearly every day since Sept. 3 rd, do think SDRL is the best of the lot in drillers which is not that significant when big money shorting and C) appeared to be a lot of short covering Friday afternoon. Purchased some shares at the end of the day. At this stage only looking for a trade as I am not willing to make an investment with market so high and the world falling apart.
One wonders if that was a bunch of accumulation in FEYE today preparing for this upgrade. No they wouldn't do that.
At present only OCN knows the truth and it is difficult to trust them.
I do think that is what they want others to think. They scare folks out of their shares and cover theirs shorts. They then accumulate. There was more good news again out for MU before 9:30AM that was fact not a "could" happen scenario. Yet they took MU straight down. I agree with you that this was planned. It is a very manipulated market that they do exactly what you are sharing. Collusion for guaranteed results.
Big money just trading this stock. It had another upgrade and then a higher price target of 47 but the money that moves MU is short right now. There are a lot of investors in the stock but they are not buying or selling. That said there may be a few longs that are getting scared and are selling the beginning of September. These brokerages have billions to trade. That is how they make over 100 million dollars a day moving stocks. They win and we hopefully follow what they do and get a few scraps.
And of course the significant word is "could"! Pure manipulation to validate their manipulation of the trade. This is wall street and the SEC is not going to change so attempt to trade how the big players are trading not how you think it should trade. GLTA
May have been a good move by selling MU. Market does seem very extended and MU appears to be going lower over the short term.