Infrastructure Group Continues to Impress
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I mentioned last week the Infrastructure Group recovery [Quite
a Recovery for Infrastructure Group] - some of these charts are absolute
things of beauty now that the market has simply bounced a bit. Coming into the
week, all but McDermott had regained the
50 day moving average and looked poised for nice moves up, if the market would
just be benign for a while.
I put these stocks into 3 groups right now
based on technicals...
A) The following 3 charts look identical - and
we've reached all time highs in all 3 names: Foster Wheeler (FWLT), Chicago Bridge & Iron
(CBI), Jacobs Engineering (JEC)



B) KBR (KBR), Fluor
(FLR) have cleared resistance very nicely and are making nice moves, but
not at all time highs. Technically nice positions but can be expected to pull
back to support if market weakens.
C) Bringing up the rear in the
category of 'finally' pushing back through resistance are McDermott (MDR) and Shaw Group (SGR). These still stand a chance of
falling through their main line of support (50 day moving average) if the market
weakens.
I am a little perplexed with Shaw Group - they reported earnings October
10th, yet somehow reported earnings
again yesterday which is less than 2 months later. Very strange; I must
assume last quarter's (Oct 10th) report was filed very late. They did 'miss,' but the backlog is just tremendous - $14.7B, up 57% year over year. I just have
to go investigate how they reported 2 quarters so quickly.
As always the
big boys "knew" ahead of "us"... Shaw
Group, after a great earnings 2 months ago, rallied hard, corrected like
the rest of the group but was much weaker on the recovery - which I kept
mentioning was strange considering how good the last earnings report was. Well
now we know why. Funny, isn't it, how price action normally telegraphs the news ahead of
time? Funny in a 'this game is sure not an even playing field' kind of
way.
Disclosure: Long all names except Fluor in
fund; long Foster Wheeler in personal account

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