Tahoe is Trading On: July 2012

I am generally a short term trader. Be it that I don't trust the markets, or maybe just don't trust myself, I tend towards intra-day and short swing trades that are driven by technical analysis.

EOG came to my radar through trading room discussions back in July. On the weekly chart - this issue seems well poised for a long term IHS measured move - a very significant move if realized to its full potential > full measured move to $172/shr.

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UPDATE 14-October-2013

Stopped out 25% of position @$168 ~ remaining 75% now has stop @ $174/shr. I think that the general market sentiment, and that of the energy services industry remains positive.

UPDATE 19-September-2013

This trade has continued to play out. The final full measured target of $172 has virtually been achieved. The last several days of trading have price surged up almost to target, and then came off slightly before bouncing into the close today. I have continued with trailing stops ~ currently @ $168 ~ this has been a good trade.

UPDATE 29-August-2013

The second target of $161 has been achieved (161.47) - rejected - and achieved again (161.32) - and rejected again. I think that regardless of its technical status, the oil and gas service business should remain strong, and continued growth in operations and revenues for EOG should remain positive. Technically, we have a double top. Trailing stop is at $145. Watching and learning. Trading on.

UPDATE August 3, 2013: This trade has continued to perform well. I have a strong interest further scaling in again as price breaks above previous highs. I would like to see a test of the $150 level to confirm strength. While it has fully closed the gap up over the trend line, price rise has been rather dramatic and likely would benefit from a pause. Regardless of what happens, I continue with trailing stops. We are approaching the full extent of the original trade. Caution is front and center. Watching and learning. Trading On.

UPDATE: July 21, 2013: It has been almost exactly a full year. This trade has blown through the second target. I removed 50% of my position @ $124, remaining 50% left to run (with a Trailing Stop). Has oscillated above and below the trend line/floor of IHS and then gapped above, closed the gap, and has continued higher. Closed the week @ $147. I am leaning to the continued optimism side, at least through to the fall ~ unless things change dramatically ~ which they could. In eighteen trading days, only three down days - maybe a pullback is in order ($142, $138)? Regardless of the forward position, this has been a good trade. Watching and Learning.

UPDATE (Jan 19, 2013): this issue has moved incredibly from my initial small position in the third week of July @$93/shr. I have increased my position as the price has climbed and it has been a most rewarding trade.

With recent news suggesting that the oil and gas services sector is in for a run - this trade may well be one of if not my best trade ever. Watching and Learning.