PTEN Short Today. AR, SM and NE on watch for Tuesday
Mar 21, 2016 Trading Blog
Very flat boring day out there today in energy. Got off one short trade on PTEN at 17.55 with a stop at 17.70. Carried it overnight on a closing price of 17.51, pulling the stop just in case we get strange pre-market action or a market maker gap up. Don’t want to have my stop picked on that, but won’t hesitate to kill the trade if any gap up looks real.
Integrateds were all down small with Suncor (SU) making the best showing breaking even. CVX had been looking strong lately, but dropped 1.28%.
Offshore E&P had APC and MUR as small winners, with everything else down less than 1%.
Shale E&P was also mixed with EOG green by .46%, DVN +1.45% and SM up a big 5.99%. Definitely want to keep an eye on SM tomorrow to try and catch a little follow through on that run.
Natural gas was probably the hardest hit subsector with EQT and RRC down over 3% and COG the biggest loser at -4.3%. AR was the only winner at +5.13%. Someone was buying it hard all day and I’ll have this at the top of the list with SM tomorrow.
Oil Services were mostly positive with SLB the biggest winner at +1.95%. HAL, WFT, FTI, OII and TDW all positive. BHI was the only large services stock meaningfully in the red.
Onshore drillers did better than I thought they would today with NBR +2.95%, HP +.25% and PTEN +1.51%.
Offshore drillers were mixed with RIG and DO down and ESV barely positive. NE was the big winner at +4.54%. Add it to the watchlist for tomorrow.
Refiners were mostly green with VLO, MPC and PSX all up.
Midstream Pipelines were down, with KMI -2.03%, WMB -3.86% and SE -.39%.
So on the watchlist tomorrow I’ve got AR, SM, NE and DVN as long trading possibilities. COG, EQT and RRC on the short side in natural gas and KMI and WMB on the short side in pipelines.
Just so you guys know, my two requirements for trading a stock are 1) a market cap over $2 billion and 2) over 2 million shares traded per day. I’ll make a few exceptions, but I mainly stick to the bigger liquid names.