Search / 18 posts tagged EGY

Good evening traders. Here are the major indices, which are at critical support levels. Volume was still very low today, but stocks can move lower on lower volume much easier than they can move higher on lower volume. 1260 on the S&P 500 and 2360 on the Nasdaq are the key levels from my perspective - if they are broken, then I think this downtrend will be in full effect.

Good evening traders. Here are the major indices. I kind of see two different stories on the Nasdaq and S&P 500. The Nasdaq has pulled back rather significantly over the past week but volume has been below average. I could see this bouncing soon, perhaps back up to test the 200 day moving average, much like it did back in June before crashing for real.

Each week I run the magic formula screen to keep track of stocks moving in and out of the magic formula screens. I ran the screen last week but I forgot to save the results for the top 100 stocks with a minimum market cap of 50 & 200 million.

Oil Stocks Look Like They Found Short-Term Support Let's start off with some oil charts. First is several ETF's representing this sector. All of these bounced off of support levels today and in the big picture, I have to admit that the "selloff" in this sector has so far looked very orderly.

Are Oil Stocks Ever Going to Stop Going Higher? After going through my scans, I noticed that I had only 152 stocks down more than 4% on higher volume today. That is not a very high number and indicates that there wasn't very heavy selling today. Typically, numbers over 300 will show heavy selling and that would get me more worried.

After doing my scans this morning, I can't say that my outlook has changed that much from what I wrote yesterday. However, I was reading the blog of trader Josh Hayes of BigWaveTrading and formerly of the Mauitrader blog. I have read Josh's blogs since 2006 and have learned a ton - he is a tremendous CANSLIM-type trader.

Orascom Telecom, the Egyptian wireless group with operations across seven countries including Egypt, Algeria and Tunisia, plans to launch a new company offering banking services to its 70 million customers. Speaking to the Financial Times, chairman Naguib Sawiris said the new company would offer customers the chance to use their mobiles to access banking services, including money transfer.

Like a ball tossed up in the air, the short-sellers and profit-takers of Vaalco (EGY) have returned the stock back from its one-day mission to the heavens. Now, let’s get some panic selling, trailing stops, etc. kicked in, and I can get back on board in the “can’t lose” area ($4.60).

The stock flew up 38 cents today and I’m not currently holding any. Hopefully someone out there in the blog-o-sphere read my post a few days ago about my estimates and bought some before this 7+% move.

This past week, almost everyone I know took great profits on Vaalco’s rise from $4.50 to over $5.00. After the March 16th lift, I’ve calculated out the Q1 2008 estimated earnings (see photo). I’ve also taken the liberty to load up their expenses chock full of “dumb”, emulating their Q1 2007.