Last Friday saw 'hyper bullish' hysteria in Seadrill (SDRL), yet since Friday afternoon, SDRL has been systematically re-destroyed, cooling from $7.49 to a third consecutive net daily decline of -9.9% @ $3.56. Long term outlook is dire.. and SDRL remains on the 'disappear list'.
Suffice to add, all those who got lost in the 'ohh, everything is fine now' hysteria, chasing SDLR higher into the $5s, 6s.. or even 7s last Friday are now massively underwater.
The underlying issue that SDRL looks liable to eventual implode this year remains utterly unchanged.
*no position, not least at what is an already smashed down stock. I'd prefer to short energy via one of the bigger names - such as APC, APA, or even CVX, or merely trade short via a generic index such as SPY or DIA.