If you would have looked at all the negative commentary on CNBC today regarding oil, financials and plunging through 12000 , you would assumed all your stocks did quite poorly today. Even oil was stagnant throughout the day with XLE only ending up 0.38%. But today is not like other days… today’s magic word of the day: divergence . One more time: di-ver-gence. Why is divergence important? Because it means that to some degree investors have disassociated broader market trends (including big oil) with bakken related plays. This bodes well for bakken for the remainder of 2008 as I suspect there will be extreme volatility in the market with housing, oil, inflation, geopolitical forces and election hoopla all exerting various levels of pressure.
Lets take a snapshot at what bakken plays did today while the dow was testing 3 month lows. CLR, EOG, WLL and XTO up 1-2% (good), NOG up 12% (great), KOG up 30% (priceless). However, with great gains comes great responsibility and we’ll see if our Bakken plays can sustain the momentum over the next few days and whether they can resist the urge to gap down.
| Symbol |
Last Trade |
Change |
Volume |
Intraday |
| ^DJI |
4:04PM ET |
12,029.06 |
 131.24 |
1.08% |
212,900,502 |
 |
| ^IXIC |
5:16PM ET |
2,429.71 |
28.02 |
1.14% |
0 |
 |
| CLR |
4:01PM ET |
73.85 |
 0.55 |
0.75% |
1,169,616 |
 |
| EOG |
4:02PM ET |
133.03 |
1.02 |
0.77% |
2,636,795 |
 |
| NOG |
4:00PM ET |
15.84 |
1.70 |
12.02% |
1,806,783 |
 |
| KOG |
4:00PM ET |
5.05 |
1.21 |
31.51% |
9,681,693 |
 |
| KDKN.OB |
3:58PM ET |
2.77 |
0.03 |
1.09% |
119,827 |
 |
| BSIC.OB |
3:58PM ET |
2.56 |
0.10 |
4.07% |
73,244 |
 |
| XTO |
4:05PM ET |
71.61 |
1.63 |
2.33% |
9,231,836 |
 |
| WLL |
4:03PM ET |
106.15 |
1.86 |
1.78% |
872,862 |
 |
|
|
Thanks for the post