Wednesday, January 03, 2007

Oil spill

Holly cow! There was some crazy action out there today. I must admit that the wild ride definitely distracted me from my day job.

Anything remotely connected to oil and natural gas got absolutely smashed today. I cut my Flotek position in half and will wait and see about the rest. While the volume in FTK today was well above average it didn't come close to the high volume panic selling I witnessed in some other small cap oil service stocks (see ALY and BTJ, which found some support at their 50 dma).

To make matters worse, I put in a limit buy order of 52.32 for the QID when the market gaped up this morning. I missed that huge reversal today by 0.15. Jeez! Oh well, judging by the drops some of the market leaders had today I think there will be some more opportunities.

At least I still have good old AllianceBernstein.

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