Momentum In Speculative Oil & Gas Stocks In Full Force (MXC, PDO, FPP)

May 20, 2008 2:30 PM EDT

With the parabolic run-up in the price of crude, momentum traders are playing the speculative oil & gas stocks hard.

Here is a summary of some of the crazy moves in a few of the "anointed" speculative oil & gas names:

Mexco Energy Corp. (AMEX: MXC) is up 44% today to $40.32. This stock was trading at $11 at the beginning of last week and was trading in the $4 range in April.

Pyramid Oil Co. (AMEX: PDO) is up 20% today to $21.91. This stock was trading at $10 last week and was trading in the $3 range in April.

Fieldpoint Petroleum Corp. (AMEX: FPP) is up 28% today to $5.50. This stock was trading at $2.40 at the beginning of last week and was trading in the low-to-mid $1 range in much of April.

Back in 2005, when crude first started breaking out above $50 per barrel the "anointed" speculative oil/gas names were: Streicher Mobile Fueling Inc (Nasdaq: FUEL), Blue Dolphin Energy Co (Nasdaq: BDCO), OMNI Energy Services Corp (Nasdaq: OMNI), Able Energy Inc (Nasdaq: ABLE), Georesources Inc (Nasdaq: GEOI), Magellan Petroleum Corp (NASDAQ: MPET). Many of these are down significantly since that time.

While the run-ups in the new "anointed" oil/gas names look excessive, the trends may be just beginning. These things often last a few weeks to months. But when they end, they usually end badly.


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Stocks Mentioned

ABLE 0.35

+0.00 +0.00%
Volume: 800
Track ABLE

BDCO 2.02

+0.07 +3.59%
Volume: 59,032
Track BDCO

FPP 4.65

-0.55 -10.58%
Volume: 438,689
Track FPP

FUEL 0.47

-0.07 -12.96%
Volume: 41,666
Track FUEL

GEOI 17.28

-0.86 -4.74%
Volume: 189,115
Track GEOI

MPET 1.48

-0.12 -7.50%
Volume: 265,027
Track MPET

MXC 28.65

-4.35 -13.18%
Volume: 77,334
Track MXC

OMNI 5.56

-0.34 -5.76%
Volume: 223,908
Track OMNI

PDO 22.96

-5.04 -18.00%
Volume: 555,422
Track PDO


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