SandRidge Energy (SD) missed the street consensus number, reporting an EPS of 0.14 against a First Call consensus of 0.19. The immediate reaction in after hours trading was a minor sell-off with the stock going back to 8.00 dollars per share.
SD will hold a Conference Call at 9 ET. I expect it to open lower with heavy volume and make a trading bottom over the next couple of sessions. Anyway, I did not sell any stock in the after hours session because as I said before this is a long term play and I am even holding these shares in a different trading account because I do not want to mix it with my other short term trades in oil, emini S&P Futures and other stocks.
Jim Rogers made some interesting comments about currencies. He told a british newspaper that the British Pound is the most vulnerable currency of all. There is also a must read article about the US dollar moving to parity against the Euro in The Wall Street Journal.
I am wearing by best suit (the old timers know what I mean), but I think this is not going to be a good trading day. But I won`t exclude the possibility of a down gap in SandRidge Energy (SD) followed by a strong reversal fueled by short covering. Don`t forget that short interest is around 20% of the float.
Have a great trading day. I will keep you posted.
Oil Trader`s Blog is a trading community for active online futures and stock traders. We provide our real time trading decisions and our market analysis on this website.
