The stock closed at $124 and now has a P/E of 12.92. Just 11 days ago, CEO traded at a low of 92 due to the mortgage massacre. What that has to do with a Chinese energy company, I don't know. But a lot of smart people scooped up ADRs of CEO real quick, and the stock continues to gap up faster than a 1998 internet-bubble stock. The current P/E is relatively high for an oil company, but the growth prospects of CNOOC can't be denied. The stock trades way above its 13- and 50-day moving averages now, and some consolidation is probably coming. Or not. A rise of 33% in 11 days, or eight trading sessions, is not sustainable. Right? I'll wait.
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