Friday 111/1/2024
Let's start with a whoops way early prediction I made on Transocean RIG. Back in the 1980s the offshore drillers decided to band together to withstand the vagaries of the oil market and demand for their services. The result is a Warren Buffet 'moat style company' meaning there is no other like this combination of offshore deep water rigs. It is trading for an absurd 37% of book value.
RIG website is
https://www.deepwater.com/
The parabolic stop and reverse system does a pretty good job of spotting Elliott Wave Patterns. Here is my take on its weekly chart pattern
This shows five waves up into late 2023, then a corrective Wave 2 ABC decline into the current time period. PMO at bottom and RSI at top are confirming this. THIS hourly chart suggests the weekly C wave low was Oct 31, Then on Thursday a big down day for markets RIG took off. Price has been cut in half from just over a year ago.
Thursday an expert on Charles Payne Fox Business show was salivating over buying NVDA on its dip. Really, let's take a look
I
Its market cap is $3.3 Trillion. MSFT on every computer in the world is worth just over 3T. NVDA p/e is a whopping 57, MSFT is 10.6, gee is something out of whack here? Socionomics holds that experience is unremembered, clearly the buyers of NVDA don't remember past market tops, 1966, 1987, 2000, 2007. I'll stick with RIG at one third of book and just starting what may be a long term bull run.
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