AS if you don't already know!
ELAN ADR (NYSE:ELN)Strong Downtrend
Smart Scan Chart Analysis continues negative longer term. Look for this market to remain weak. Strong Downtrend with money management stops. A triangle indicates the presence of a very strong trend that is being driven by strong forces and insiders.
Based on a pre-defined weighted trend formula for chart analysis, ELN scored -90 on a scale from -100 (strong downtrend) to +100 (strong uptrend):
+10Last Hour Close Above 5 Hour Moving Average
-15New 3 Day Low on Friday
-20Last Price Below 20 Day Moving Average
-25New 3 Week Low, Week Ending June 12th
-30New 3 Month Low in June
Perhaps this has been covered, but I was surprised to see that RIG has about 148 drilling rigs but only 15 in GOM. Is this more of a US issue that had gone too far as worldwide drilling seems quite secure.
I also see there is ownwership of ENP by DNR. How does DNR view this relationship?
I own 200 shares since GLM merger but I also have 2 june 75 put options. Not sure what to do yet but at least I'm guaranteed 75 on june 19th. The 2 options cost me $520 total and today worth about $2100.
I OWN 2 SHARES OF RIG AND 2 JUNE 75 PUTS. If I wait till june expiration june 18 I'll get $75/sh. So all I have to do is wait an see if rolling down below 75 will be worth it. Who know how low RIG can go, but my puts only cost me $500 and I'm protected to $75.