Whilst the main market settled broadly weak, there was notable strength in energy stocks, as oil/gas prices continued to climb. The oil/gas driller of Transocean (RIG) settled significantly higher for a second consecutive day, +6.1% @ $10.63. Next big upside target is the $13 threshold, after that... the $18/20 zone.
The second sig' daily gain, and perhaps more notably.. the fifth gain of the past 7 trading days, since the Sept' 20th low of $8.68.
RIG is starting to look provisionally strong again, as the downward trend from July 13th ($13.03) has decisively concluded.
Now its merely a case of whether RIG can break above the key $13 threshold before year end, and then hit the 18/20 zone by late spring 2017.
My outlook on oil/gas is bullish into next spring. If that turns out to be correct, most energy stocks - such as KMI, APA, APC, CHK, and RIG, should broadly climb in the months ahead.
Here in London city...
A few drill rigs have appeared...
... but I'd guess they ain't drilling for Oil :)