After being blown out of the water last week on what should have been some really good plays I hesitate to add any new watch list entries this week. If the trend is changing we could go broke buying the dips. If the trend reappears then we have plenty of time for a few more entries before year-end.
All the watch list entries from last week were triggered and are now plays. If you are just dying for something new to bet on I like the following but I am not adding any official watch list entries this week:
BR - Burlington Resources. 12 TCF of reserves, 85% of production onshore but does have some Gulf exposure.
COP - Conoco Phillips. Earnings Oct-26th and a very strong possibility of a negative surprise. Buy the dip.
AHC - Amerada Hess - good trading stock. Buy over $122.
APC - Anadarko - Very good value in a gas stock valued at $10.80 per BOE of proven reserves. Was upgraded twice in the last week on valuation. Limited exposure to the Gulf and no damage reported. Buy over $92.
OXY - Occidental - Bought Vintage this week using cash on hand and added 430 mb of proven reserves. OXY was down in advance of the news suggesting there was an information leak. Target $70 for a dip buy.
Be careful of entering new positions ahead of energy earnings beginning the week of Oct-24th.
Current Watch List