Wednesday, March 21, 2007

The Best in the West is Texas!

Cramer broadcast Mad Money live from the University of Texas's McCombs School of Business, and used it as yet another opportunity to remind us that we need to own an oil driller. What driller should I pick, Mr. Cramer? Why of course, it's Transocean (RIG), the biggest and best driller out there.

We never leap before we look, and always do our homework before p
lacing a trade. In our case, that means taking a look at the technicals. I like the fact that RIG crossed over the 50 day moving average and looks to have formed a short term double bottom featuring a higher low. I plan to take a small position tomorrow at current levels and buy more on a pullback to $75-76.

No comments: