I picked up some NOV May 85 Calls. I remembered that Cramer mentioned on his game plan last week that NOV reports Friday (tomorrow morning) and he thinks this is the best play ahead of earnings. I didn’t buy the calls on that.

Why I Got Interested In NOV

My post last night got me thinking about the drillers. Then I saw KOG spike today. My recent HERO pick is up over 9% in 3 days. Something is going on with these drillers!

So I started looking for catalysts and other drillers that are not overpriced (pretty much all are undervalued). I started with the list of Drillers I posted last night. HERO, RDC, ESV, BRNC, etc. I looked at buying ESV calls, but the stock doesn’t move that much so I thought as an overnight play it might not be best. However, ESV is in a cup and handle formation right now and intermediate term looks great.

Another item I was contemplating is the overbought market. Oil drillers can move with or counter trend the general market. So if the market gives back, the oil plays can still move up.

RDC looks OB on a daily basis and there isn’t a ton of volume on their options. Although I would like to own it straight up.

HERO also looks OB on a daily basis and their option volume is weaker than NOV.

Earnings are catalyst and NOV has that tomorrow morning. Hopefully they will put out a good number and the calls will make some money overnight.

Thanks for reading

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