Another crushing day at the market. Just two weeks after a major pull-back, we see stock prices tumble again.
At this point, I am tempted to view this action as a healthy correction (between 5% and 10%) from the February 20 record highs.
Provided this sell-off doesn't develop into a downward spiral, we may see some buying opportunities on selective stocks. If the trend continues, buckle your seatbelts, we could be in for a very rough ride.
Today, Hercules Offshore, Inc. (HERO) is down .02 at 26.87, it just broke above the 50 day moving average and is holding well at a time when everything else is bleeding.
Hercules Offshore, Inc. and subsidiaries provide shallow-water drilling and liftboat services to the oil and natural gas exploration and production industry in the U.S. Gulf of Mexico and internationally.
Average daily volume is 573,000; leading P/E is about 6, earnings have increased consistently for at least the last three years with good projections for '07 and '08, made a nice base at 25.
Trading at about 38.5% below it's 52 week high, this may be a bargain worth researching.
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