Quick note: the market is flat going into the final two hours, which is no surprise considering yesterday's low volume. Huge move, but it ran on thin ice and it would not shock me to see today's action crumble in the final hour. No reason for big money to commit over the weekend.
Big movers in nat gas today include Flotek (FTK 1.40 +2.9%) and Goodrich Petroleum (GDP 14.81 +4.6%). I really don't like the fundamentals of both, but daytraders are making a killing on both.
Petroleum Development Corp. (PETD) is also up nicely (24.56 +3.3%) and continues is status as one of the top gainers in natural gas since last week's staunch talk by President Obama. PETD's fundamentals aren't horrible — margins, returns and debt ($259 million) are negative but manageable, and it has $277 million in revenues. It's a 18.9 million share float that's key for traders. Stairs up, elevator down.
Westport Innovations Inc. (WPRT), which had some ugly days in the past week, is up huge today (17.62 +3.77%). WPRT is now up 20.7% since Obama's speech. Today's volume in WPRT is average so far and the candlestick is forming what I call an upside-down hammer — a negative indicator. We'll see what the final stretch brings.
Heavy metal: US Steel (X) is up 2.4% to 44.23. Freeport-McMoRan (FCX) is down 0.34% to 64.14. FXI is up by a hair (40.09 +0.12%). Can X sustain its gain?
No comments:
Post a Comment