Tuesday, September 05, 2006


A mildly bullish start to the week as A-list traders return to their desks. The gentle push didn't translate to any strong moves for individual stocks; the Trade Ideas scan took a reasonably lengthy 13 minutes to come up with 8 picks. Most frequent to appear was XTO Energy (XTO) at 33 appearances, followed by Cooper Cameron (CAM) at 19 appearances.

Of the 8 picks, XTO and RRC look closest to breakouts, but Tetra Technologies (TTI) might be the most interesting. The stock is in the upleg of a 5-wave consolidating triangle. Stops can go on a loss of the most recent, downward leg low, at $26.40. The projected target is $35, but it could push as high as $41 from this consolidation. The April-September consolidation is its first real rest since its run from $12 in September 2005 (history to repeat?). The point-n-figure chart is neutral for a price pattern, but holds to a target of $43.

TETRA Technologies, Inc. operates as an oil and gas services company worldwide. It manufactures integrated calcium chloride and brominated products, and supplies feedstocks to energy and other markets. The company operates in three divisions: Fluids, Well Abandonment and Decommissioning, and Production Enhancement. The Fluids division manufactures and markets clear brine fluids, additives, and other associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations. It also markets various fluids and dry calcium chloride for domestic and international markets outside the energy industry.

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