Seeking Alpha

David Kern's  Instablog

David Kern
Send Message
David Kern is a self directed investor with the goal of capital growth. He posts all his trades and results at: www.abjectavarice.com. A lifelong entrepreneur, David was hailed by Lawnmowing International in 1988 as "a rising celebrity within the inner circle of lawn maintenance... More
My blog:
Abject Avarice - Thoughts on trading amidst fear and greed
  • Rumors and the Chart – A Quick Look at BP  0 comments
    Jan 5, 2011 12:38 AM | about stocks: BP
    The UK rag The Daily Mail broke a story yesterday that Royal Dutch Shell may be quite serious about a buyout of British Petroleum. This rumor has been quite profitable for my position in BP (follow that and the rest of my portfolio here) - but I think the chart says that more strength is ahead.

    My chart notes (click the image for a better view) show that today's price action topped multi-year resistance going back to 2008. Remember how bad 2008 was for stocks? Nobody was willing to pay more than about $45 for BP from about Sept 2008 through until May 2009. Then the oil spill knocked BP back down to the 20's.
    But now, the chart says "all that is behind BP." The rumors were a nice catalyst this week, but the real reason for higher prices is increased demand for the stock since July!
    Themes: Buyout, Rumor, Shell Stocks: BP
Back To David Kern's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • What's wrong with buy & hold? Plenty, you need both time & timing. What's your sell strategy? http://stk.ly/hIZei3 #trade #invest $AAPL
    Jan 24, 2011
  • Want an earnings play w/ insider buying? $HBI makes money in spite of rising commodity prices http://stk.ly/fxXAFF
    Jan 20, 2011
  • BUY LIST: Strong technical names with recent retracement to a clear support level and no issues fundamentally: SIRI, TTM, and IGTE.
    Dec 6, 2010
More »

Latest Comments


Most Commented
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.