Word: stockings
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...week that they are fining Shell a combined $150 million for "unprecedented misconduct," in the words of the FSA. And Nigeria's Senate passed a resolution calling on the company to pay $1.5 billion for environmental and health hazards it allegedly caused in the Niger Delta. But with Shell stock at about $7.30 a share in London , or just over 11 times its estimated earnings this year, and other Big Oil stocks such as BP and Exxon Mobil trading closer to 14 times earnings, that suggests: buy. "We can't help but think there is now limited downside risk," said...
This humdrum era for stocks, which analysts say could last at least several more years, has given new life to strategies designed to profit in a stalled market. All but vanquished during the long bull run of the 1990s, "market timers"--who try to catch a stock's highs and lows as it trades in a narrow range--are sprouting again. So are "market neutral" investors, who through options and other techniques try to hedge away any market movement but gain from temporary stock-price discrepancies...
...strategy for making money in a sideways market is called pairs trading, a technique often used by hedge funds. A pairs trade hinges on identifying two stocks that tend to move together but for some reason have gone opposite ways. Buy the stock that has lagged and sell short (a bet it will decline) the stock that has zoomed ahead. "You have to believe the historical relationship will re-emerge," says Seth Weiss, co-founder of Denver-based Pairs Trading. The direction of the market won't matter. As the two stocks fall back in synch, the pairs trade hits...
...type who likes to take charge and shoot for gains in a directionless market, pairs trading on your own may be for you. Weiss, whose firm searches for stock pairs that have diverged, says there are hundreds of pairs a day that present opportunity. To keep it simple, he says, stick with pairs of big stocks in the same industry and pairs with similar long-term trading histories. Put them on your screen and wait for them to get out of whack--either when they go in opposite directions or when one severely lags the other for at least three...
Disregard any stock movement on the heels of bell-ringer news like fraud charges or a new asbestos liability. But modest earnings surprises that cause a stock pair to decouple often present opportunity--a rare commodity in a market going nowhere...