OIH

Israelis Killed in Bulgaria Blast as Netanyahu Blames Iran – Bloomberg

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Israelis Killed In Bulgaria Blast As Netanyahu Blames IranBy Elizabeth Konstantinova and Calev Ben-David – Jul 18, 2012 1:43 PM MTFacebook ShareLinkedInGoogle +15 COMMENTSPrintQUEUEQSix people were killed and more than 30 injured in an blast on a bus carrying Israeli tourists in Bulgaria. Israeli Prime Minister Benjamin Netanyahu blamed Iran for the attack.Five people were killed in the explosion at the airport in Burgas, on the Black Sea coast, and one person died in hospital, the Foreign Ministry in Sofia said on its website today. Bulgarian authorities are working on the assumption that the attack was an act of terrorism, … Read more

Most technicals look poor

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I find few stocks in our portfolio that look like they are headed higher in the immediate future.   Even though oil has had a sharp and steep decline, prices still look like they have room to drop.  The test will come soon though as many oil services and some oil stocks like Hess  are trading at 2008 nadir levels.  At some point soon, these stocks will rise on declining crude prices and signal some kind of trading bottom.  This is the only sector of the market that has had significant insider buying of late. Buying is picking up in … Read more

| Reuters

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Shell bullish on China shale gas One of my primary thesis is that American know how and technology for oil and gas drilling is way undervalued in the market.  The OIH is very cheap from fear of margin compressions due to the collapse in natural gas prices.  There is some truth to this in the short term but that ignore very bullish long term fundamentals. via Shell bullish on China shale gas | Reuters.

J.P. Morgan-” Trading at practically unthinkable valuation levels, Halliburton has by far the most upside..”

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I’ve been losing money on Halliburton for the last month but probably not as much as J.P. Morgan clients.  If you would like to view this report in its entirety , you should call your J.P. Morgan broker.  I’d post it but Merrill Lynch makes me take down everything I post of theirs even though its generally completely wrong.  J.P is generally less vigilant and better, too.   1Q12 Preview – Must Be Close to Capitulation With the mood on the Street about as bad as it can get, earnings season may be just the cure to get all the … Read more

Drill baby drill will be the U.S. national anthem

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If oil is cut off from Iran, it could also impede supply in Iraq as Iran will use it’s influence to cause chaos wherever they can.  There is significant potential for an Israeli strike against Iran before the U.S. Presidential elections.  Israel would want to use its leverage before the outcome of the election is certain.  One thing looks clear to me.  If there is a major disruption of oil from the MidEast, “Drill Baby Drill” will be the U.S national anthem. Buy OIH, the ETF.  Buy HAL, SLB, BAS,WFT probably just about any driller for oil will work well.