Wednesday, October 25, 2006

Trade Ideas: TNP

A roller coaster ride for the market after the Fed decision. The markets were left little changed by the close, but it remains to be seen which side (bull or bear?) will dominate. There was no great change in the level of individual stock buying; 8 picks covered a time span of 3 minutes; a little stronger to the past couple days worth of buying.

Most frequent to appear over the course of the day at 26 appearances was Tsakos Energy Navigation (TNP). The stock pays a healthy 5.8% yield. The stock broke through a bullish ascending triangle with new support at $45.65 and resistance at $50.00. Stops can go on a loss of last week's lows. The project target is around $66.

Tsakos Energy Navigation Limited provides seaborne crude oil and petroleum product transportation services worldwide. The company owns a fleet of tankers that offer marine transportation services for independent oil companies and refiners under long, medium, and short-term charters. As of March 15, 2006, its fleet consisted of 28 tankers, including 3 chartered-in vessels; 3 VLCC tankers; 8 Suezmax tankers; 7 Aframax tankers; 7 Panamax tankers; and 3 Handysize product carriers. Tsakos Energy has a strategic cooperation agreement with Neste Oil Corp.

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