More Energy Sector Earnings - Devon Energy (DVN) and Transocean (RIG)
Trader Mark (May 7th, 2008) Writes:
I don't own these 2 names directly but do own peers, and these are bellweathers for their sectors so I thought I'd post them. One thing to note today - despite great numbers, the stocks are not reacting. Hence, we could be prone for a pullback shortly in these names. When stocks do not react to great news, that is a potential change in character, just like when stocks shake off bad news and go up. The charts in "commodities" despite some pullback, are still quite overextended and yesterday's call of Goldman $150-$200 oil [Goldman Sachs: Gasoline Not Driving Oil Price - Oil Going to $150-$200] would be the perfect catalyst to mark a near term top...
Despite my Kool Aid infusion I am still quite bearish and I view this period akin to Sep/Oct 2007 when we partook in the foolishness to make money but ...
Tags for this Post:
2 Names, Bear Stearns, Crude Oil Prices, Current Market News, Devon Energy, Drill Ships, Drilling Contractor, Drilling Contractors, Dvn, Earnings Reports, Energy Markets, Goldman Sachs, Kool Aid, Oil And Gas Drilling, Oil Driller, Price Oil, pullback, Sea Oil, Stocks to Watch, Tight Supplies, Transocean, Transocean Inc, Wall Street Expectations
2 Names, Bear Stearns, Crude Oil Prices, Current Market News, Devon Energy, Drill Ships, Drilling Contractor, Drilling Contractors, Dvn, Earnings Reports, Energy Markets, Goldman Sachs, Kool Aid, Oil And Gas Drilling, Oil Driller, Price Oil, pullback, Sea Oil, Stocks to Watch, Tight Supplies, Transocean, Transocean Inc, Wall Street Expectations


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