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