Unlike Mackey ... how does he still have a job?????
My point about PGN looking better relative to NE was based on this week's observations, not from an absolute standpoint. Bottom line, if you own a driller, you are getting take apart limb by limb. Just a matter of how bad is bad.
Sometime in the next month or two, I expect the offshore drillers will bottom and start moving up with new investor money (after all the weak bag holders dump it) ... this could/should be connected with stabilization in Russia ... and a stable to improving world economy. Until then, it is a slippery slope
Not by much, but it stopped going down, while all the rest of the big offshore continue to hit new lows. A bit more on NE and it will be looking at a multi yr bottom ... one which has been hit several time over the last decade
Might be surprised, but that is the way the idiots who invest and trade work ... buy high/sell low or short low/buy high
Why, because it can't keep going down at the rate it has gone. RSI is at levels where nearly everything changes direction. This is so incredibly hated, there is no room for anything to go right. Yes, and it is conceivable that something will go better than the bleak expectations which are built into the stock price at 6.50
Many offshores got hammered today to new lows, and on high volume. PGN did not make a lower low
Averaging down on a good company makes sense, not on something like FVE. Though I agree, tax loss selling is kicking in and there is a bottom here somewhere. Who would think assisted living biz would be so bad ... it isn't really, just FVE is BAD. I will buy again, but not for another month or two
NE demonstrates it is best of bunch, by hanging in there. Oil continues to decline ... headwinds!!!
Now besides just having the woes of offshore, the overall mkt looks weak and there is no bottom in crude yet ... could be a blow out low coming in offshore ... will provide extraordinary buying opportunity
There was nothing magical or slight of hand about this ... NE is the superior offshore org and PGN is whatever ... as I have said before, the right move was to sell the unknown, which was PGN and if you did anything, buy NE. In time, PGN will come back, but this stuff was predictable. Holding PGN was not a good thing. Now is not the time to sell it, although it feels very painful. This is extreme. Wait and buy more on when it starts to move up again. Until then do nothing.
As someone noted here, day after x-d date has become a license to short it. This is getting extremely ugly. Need to be looking out years now to be long offshore drillers
Hey Wood, that is not going to help the NE stock price. Logic indicated that mgt wanted to create a super class deep water driller, which is NE. All else falls to PGN, which are the lesser and older rigs. They do not spell it out, but reading between the lines, that was a way to create value for NE shareholders. PGN going down nearly every day is just the breaks. This stuff happens every day on wall street. Doesn't make it ok, but it is legal. No one is looking after you, but YOU! Looking to a Yahoo MB for idea validation is not the way to go. Sorry!