May 3rd - CLB DWSN FTI

I'm a little late tonight and only had a chance to read the recap. Looks like Cramer had an oil technology theme tonight.

His first pick was CLB Core Laboratories NV

Closing Price: $64.70
After Hours High: $65.99
Percent Increase at High: 2.0%
After Hours Close: $65.76
Percent Increase at Level Off Point: 1.6%

To expensive for my taste here. It was up $1.50 during the regular trading day today already. This is also another 52-week high stock during regular hours, and even higher during the after hours. Like 3 other picks this week that had new 52-week highs all had strong runs upward until the 10:30am mark before their drop. I am still not confident that the same thing will happen for all picks that fit this criteria, so tomorrow will be another good example to watch and add to the analysis. The higher price of this one may make this one different, and possibly give it less of a run up.

The second pick was DWSN Dawson Geophysical Co.

Closing Price: $33.10
After Hours High: $34.85
Percent Increase at High: 5.3%
After Hours Close: $34.73
Percent Increase at Close: 4.9%

Big run up here and hit a new 52-week high with the after hours action (the old high was $34.74 according to Yahoo! Finance, but I don't think after hours prices change the 52-week high prices officially). So again, makes me want to wait until 10:30. I would keep a close on the $35 level to be a psychological barrier. I also noticed that DWSN trades similarly to XOM Exxon Mobile as the chart suggests. It would be a good idea to check what the price of oil is doing as well as XOM. A down day in oil could help slow or bring DWSN down some.

1-day price chart comparison between XOM and DWSN:

The third oil technology pick was FTI FMC Technologies Inc.

Closing Price: $56.19
After Hours High: $57.12
Percent Increase at High: 1.7%
After Hours Close: $57.04
Percent Increase at Close: 1.5%

The regular hours high before the Cramer mention was $57.44, which is higher than the after hours movement....so yup, another ANGO no short rule for this one, not to mention too high for my price range.

For all 3 of these oil picks, comparing to XOM will show similar price movements, so that means these basically trade with oil even though they are a different player in the oil game. Shorting oil isn't a great idea, so it probably isn't a great idea to short any of these either. Like always there will probably be an opportunity to make money on the short side, but timing these shorts could prove difficult.