Groundhog day returns

After watching the dow rally to the 9600 level and then go below 8000 yesterday,  we saw a furious rally of 500+ points.   Oil stocks including our bakken plays rallied as well, even though oil is well under $60 per barrel.   The rally however, was on no real positive news and therefore didn’t have follow through thus far today.    Bakken plays still are gravitating back to their 52 week lows and buyers should be cautious buying into any rallies.    Hedging is still prudent on every long purchase one would make as the market is still very volatile.    All of our stocks seem to be gravitating to a PE of 10 or below and the higher multiple we enjoyed earlier in the year has waned.

bakken

Symbol	Last Trade		Change		Volume	Avg Vol (3m)
NOG	11:02AM ET	4.16	0.17	3.93%	69,504	331,758
WLL	11:03AM ET	42.20	1.38	3.17%	432,497	1,383,850
SM	11:03AM ET	20.05	2.29	10.25%	170,378	1,215,760
MDU	11:03AM ET	18.96	1.33	6.55%	382,106	1,519,250
GEOI	11:02AM ET	7.86	1.04	11.69%	38,214	129,927
BSIC.OB	10:24AM ET	0.95	0.04	4.40%	9,500	38,635.9
WSEG.OB	10:07AM ET	0.0570	0.0100	14.93%	18,800	294,761
CLR	11:03AM ET	22.42	2.51	10.07%	354,058	2,188,010
BEXP	10:59AM ET	4.7500	0.4300	8.30%	98,238	961,953
KDKN.OB	10:42AM ET	0.52	0.00	0.00%	43,940	95,348.4
KOG	11:02AM ET	0.42	0.03	7.73%	195,610	1,036,910
EOG	11:03AM ET	80.63	4.34	5.11%	1,801,247	4,910,560

Related posts

• Daily Roundup (6/11/2008) - Relative Strength (0)
• Bakken Crackin? (2)
• Signs of life (0)
• July 26, 2008 - Active Drilling Rig List (0)
• Groundhog day (0)