Monday, December 17, 2007

Bookkeeping: Restarted Atwood Oceanics (ATW)

Posted by TraderMark at 5:01 PM TweetThis
I mentioned last Wednesday [Three Deap Sea Drillers - 3 Great Charts] that the deep sea oil drillers finally seemed to be moving into the 'blessed' area of the market - meaning people were actually recognized the value in these names. My timing has been off in this group constantly.

I mentioned in that post

Below you can see 3 almost identical charts. I will be very interested in this group (once again), if we can get a nice pullback.

So today we saw some pullback; of the 3 names I was interested in Atwood Oceanics (ATW) fell the closest to the 50 day moving average ($83). So I restarted a stake in this name which I have held in the past with a 0.75% stake, 100 shares @ $84.66. This stock had an intraday high >$91 as of Friday so this is a nice 7% cost savings.

Long Atwood Oceanics in fund; no personal position


Posted by TraderMark at 5:01 PM

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