Helmerich & Payne Inc. - HP - close: 38.93 change: +0.63 stop: 37.15

Why We Like It:
HP is an oil services (drilling) company that has seen its stock breakout to new 2009 highs last week. Shares have already seen some profit taking with a dip from $41 last week to $37.21 this morning. This bounce today looks like an aggressive, short-term entry point. I call it aggressive because the profit taking may not be over yet. HP has stronger support near $36.00-35.00. Plus oil has pulled back to its major trendline of higher lows (check out a chart of the USO). A breakdown here in oil could yank the carpet out from under the oil stocks and we could be quickly stopped out.

I'm suggesting small positions sizes to buy the bounce with a stop loss under today's low. More aggressive traders could use a wider stop. The P&F chart is bullish with a $52 target. I'm setting our first target at $42.50.

Annotated chart:

Entry on September 21 at $38.93 (1/2 a position)
Change since picked:     + 0.00   			
Earnings Date          11/19/09 (unconfirmed)    
Average Daily Volume:       1.2 million 
Listed on September 21, 2009