Listen up...

[trans]

Ths runup in IOC is very similar to the big one to all time highs in late 2009.  Back there trading conditions were quite simlar.  Stock started from a low area around 27, broke to new highs in the low 40's and topped out the first strong leg at 54.  It was overbought short similar to the recent move above the 50 and 200 day sma's.  From that initial leg high at 54.32 in Oct 09, stock entered a sharp decline down to the 42.82 low.  On daily closings, they were 52.30 on the high and 45.05 on the closing low.  A consolidation period then took place before 3-4 weeks IOC took that previous high out on its way to $84+.

The similarity of these two moves is very compelling.  IMO, this selloff is orchestrated just like the sharp correction in 09 was, and is set up to cover shorts.   The daily high here was 91.8, and the decline sure looks way similar to back in 09.  If history were to repeat, IOC would trade around 120 in 10-12 weeks out.   FWIW

[Libtardius Maximus]

orchestrated is exactly the right word.Nice work trans.

[TxPm]

This just provides another buying opportunity for us longs that understand the IOC fundamentals. I for one am more optimistic than ever after the recent CC

[Libtardius Maximus]

Forgot to mention, during O/E week there is typically one day considered "options unwinding" day causing the volume to spike.

[jft310]

WA states noting new on PNG. The PA nor any of the partners have been rejected . All is going quite well actually. IOC will recieve Billions , split the stock and pay a dividend. The shorts are seriously underwater .Ay $78. I agree with Trans be patient buy more if you can without margin or options.

[Palm]

Good info fellas! Thanks.

[Spartina]

I agree Palm, Thanks guys...

[ValueSleuth]

This pull back is a GREAT buying opportunity for a stock that is GROSSLY UNDERVALUED.

trans is basically right on. I've been watching that same time period for comparative purposes for quite a while, and there are strong comparisons -- and many Fibonacci relationships contained therein.

The target range I've mentioned several times before of $130-$140 is based on the next Fibo number of $144, along with the type of analysis trans cites. The latest all-time breakout top occurred just higher than the $89 Fibo number, and this pull back was more or less preordained based on many things, including IOC getting to technical extremes and being in need of a significant rest -- or sharp pullback. The pullback could obviously go lower, but likely not much. The 50-day MA is at a little under $75 and rising day-by-day. It should offer support.

The violence of this pullback really relieves a lot of pressure and sets things up for a major surge when the match is applied to the kindling. The extent of the pullback is enough. Now time is needed to finish relieving the pressure. Sooner or later, many posters' expectations will be realized -- in spades.

Those of us who liquidated some holdings over $90-$91, in the face of admonitions not to do so, have handsomely profited and been given the opportunity to increase our holdings with the savings from the decline.

VS

[Gator]

Ok. I will buy back. The 50 day EMA is $76.70. Just purchased @ $76.82

[TomCrooz]

I was texting with Palm this morning when IOC was down 2 and told him I figgered we would hit into the 75-76 area which represents a 38% retracement of the last leg up and also coincides with the bottom of the uptrend lines. I would expect a bounce at these levels with a close over 81. Even better would be a Croozian Reversal!