by Sam Collins 08/21/08
Noble Corp. (NE) -- This international provider of various services for the oil and gas industry has been in a bull market since mid-2004.
The Trade of the Day has regularly commented on NE.
On Aug. 6, we said, "But recently, along with other energy stocks, [NE] has been the victim of enthusiastic profit-taking. Yesterday, it fell to its bullish support line where it flashed a CBR buy signal. Look for this oversold energy favorite to at least bounce to its 200-day moving average at $55."
The upside target has been revised to $62.
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Options Expiration Adds Volatility
The opening looks to be higher but today is options expiration day, and anything could happen.
Chances are high stocks will sell off further, but be alert for a dead-cat bounce after such a dramatic breakdown.
Traders and longer-term investors should sell any new positions at the first opportunity and short ETFs on a temporary recovery in the market.
CAT, the blue-chip of its industry, is the first to attract attention when it's time to dress up a portfolio.
