Anyone see the stock movement today? I was invested to put in a basic oil hedge, but the stock is going crazy high, and I'm trying to understand why. Any insight would be great.
Thanks!
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I've een invested in RIG for awhile. There's been a lot of positive news about it lately, from Switzerland not making them pay up the $ for BP to the criminal charges that may be level appearing to focus more upon BP. Also they recently posted a 32-week high (last week or the week before) and have since been ripping through resisance levels.
I've followed this one extensively after the oil spill but took profits in mid 70s-interested to see if anything's up as well.
I took mine in high 70's, but still feel I pulled the trigger a little too soon. Oh well.
I went into RIG in a big way right after the BP spill - they got crushed unfairly. I spoke with a few friends on trading desks who all called RIG at $45 "the most screaming buy of my career". Looks like they were right - still riding it up. Keep in mind the stock was sniffing $90 pre-spill. No idea on today's specific catalyst though...
^^^ I agree. I went long RIG (and BP) in a big way about a month or so after the spill (when these stocks were near their lows. I think both will have good 2011s as well.
just FYI.... this stock is impossible to try to daytrade. If im trading this im not playing for under 10% moves.
To answer monkey sama's question - probably the article "rising star - energy basket something" on the 19th and BP's arctic action article on the 18th had something to do with the jump
What about that deal that BP had with the Russians? I thought they were somehow contracting out in a big way to transocean.
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