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Online Share Trading

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Why is OML going up?

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eddy66
Super Contributor
I went short at 805 and took profit at 762. Obviously should've stayed(the beauty of hind sight). I went short at 735 again and against all odds it's going up!!?? Market is down an financials too!! Any opinions??
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14 REPLIES 14
DST
Super Contributor
Famous last words:- "against all odds". If you know how the odds are written, then maybe you can offer some of your pearls to Shiv about punting anglo ... ... hooo boy.
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Plonky
Super Contributor
If OML goes up while the market and financials are losing, then imagine how well it will do when the relevant markets are positive...... against all odds ???
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DEP
Super Contributor
So Eddie, you must be close to break even here. How long are you going to hold you short? OML price get main drive from london, some financials stocks are recovering there. Keep a eye on the FTSE Financials>>>
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eddy66
Super Contributor
DEP,I'm pretty even yes,but hoping it would go down a little.Listening to the US it sounds like more bad numbers are gonna come out in the near future so i'm expecting a drop.Leaning more towards hoping than expecting! What do you foresee in the near future??
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DEP
Super Contributor
My view on OML is the this one will follow FTSE financials up/down, however, I think Uk financials like Barcalys has see the bottom (50Pence), currently recovering around 1,61 pounds.
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divz
Super Contributor
Maybe this news turned oml up "Life insurers may be active as The Wall Street Journal reported that the Treasury Department has decided to extend bailout funds to the industry. Some insurers have already converted into savings-and-loans to qualify for funds.
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HateGauteng
Super Contributor
Just wondering if the market hasn't discounted this already.
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HungryPunter
Regular Contributor
Today was a close on the gap which was created after OML crossed the 740 price. This share have now for the last two months ran 26% stronger on a Relative Strength Comparative. I believe this share is going higher in the next few days that the High it had on Thursday. I unfortunately do not hold a view regarding exactly how high. LOL
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Not applicable
Theres going to be alot of pain for the shorts of financials today..Because this is a shortened week,I suspect volume is going to be very low,as most traders are out on holiday,so we could see rather exageratted movements on stocks today,normality will resume next week tuesday/wednesday..
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HateGauteng
Super Contributor
Ouch feeling it already.
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richardw
Super Contributor
I can't see any serious down moves until the next big surprise. And by big, I guess I'm not thinking a couple of companies underperforming expectations. They have to be aware of those possibilities - it'll take a shock, e.g. the realisation that the newer govt programmes aren't working and the banks are back to square one, or maybe Ireland defaulting. Some big entities keep getting downgraded - sooner or later, something's going to happen that the Fed can't cover in money.
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divz
Super Contributor
It depends on whether you feel that the weekend will bring good news or bad it will be interesting if the market thinks its riskier to hold longs or shorts over the weekend i think its 50/50 although im more bearish at this stage.
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Not applicable
According to market fundamentals share price is expected to drop to R7,50
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Russ
Super Contributor
I can see it going to 725.Hopefully will drop through 800 today?
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