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,I mean it's cheap.And then you look around for another soggy one-puff cigarette."Cigar Butt Qualities:Viewing PGN's technicals, the first thing that comes to mind is the book value of drillers in the market.Book value isn't always a great predictor of value, especially in the drilling business.This number excludes impairment charges and includes earnings from Prospector Offshore.Stilley stated that older rigs that are well maintained like PGN's still have good applicable uses especially given the presence of an experienced crew.PGN puts off $6-8M per year for maintenance on floaters, and 2.5M per year on each jackup.
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,Once these divergences begin to correct and return towards historical norms, it will be too late to hop on the trend reversal.Platinum and silver are far less liquid metals than gold.dollar are all providing ominous signs for the price of gold.IPO Hype Smashed The Long-Term Investment AngleBox's (NYSE:BOX) IPO was turbulent, beginning at the average consensus of $17-$18 per share, and momentarily popping to 60% over that valuation.The IPO feeling-out period frequently leads to a topple in price that recovers some distance in the future.Consider how many people already lost 60% of value in the BOX IPO mishap already.
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,now and 5% below the 200- day moving averages.Of course at a longer term market bottom the 50 day moving average is below the 200 day moving average, thus the smaller percentage below it needed to qualify as a likely bottom.Note the below S 500 Daily Chart (click to enlarge): S Daily Chart Courtesy of AVAFX 14jun02 With the 200 day exponential moving average at about 1170, the S would need to reach around 830 to meet this rule of thumb.That another 22% drop yet to come.How To Profit For the rest of the year at least (though there may be some short term bounces late in the summer), we a strong short bias for any trades over a few days duration.
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