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Wednesday, May 24, 2006

May 24 - Oil Food Chain

Cramer's show was all about oil. He talked about oil from the ground to the pump and the best stocks involved and they were NOV (rig), NBR, RDC, GSF (drillers), SII (drill bits), GRP (drill pipe), HYDL (blow-out prevention), ACO (drilling fluid), WFT (drilling tools), SPN (production), FTI (servicing), and TTI (decommission).

As far as I can see none of these really got bid up after hours very much or at all. Only his first few picks (NOV and NBR) had any volume to speak of. People must be losing too much money lately to want to buy picks blindly right now. Hopefully this isn't the end of shorting Cramer's picks! Without much of a bid up there isn't much to speculate on for shorting not that I want to short oil anyway, even though a lot of the picks aren't "pure plays" as Cramer mentioned, but at a quick glance they do tend to trade along with oil stocks such as XOM.

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