Market Sentiment Watch: Nervous market conditions continue. In energyland nerves remain frayed. Our sense is that we are in the early days of bottoming action (sideways trading) in both E&P and Service. The combined comments out of BHI, SLB, and HAL regarding the near and long term activity expectations can be summed up as "we're not seeing anything yet". See the Holdings Watch for more trades yesterday as we continue to come further off the bench. In today's post please find a brief wrap of the HAL highlights and some quick thoughts on not-closely-watched-by-us-and-somewhat-unique-story PHX as well as some other odds and ends. Note that the ongoing mark to market of analyst prices targets in E&P's continues which is healthy (if not saying much in many cases for the concept of price targets).
- China GDP came in at 7.3% vs consensus of 7.2% but below the official government target of 7.5% and 2Q's 7.5% reading.
- We get Existing Home Sales at 10 am EST (F = 5.00 mm, last read was 5.05 mm)
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Stuff We Care About Today – HAL Wrap, PHX
- Odds & Ends
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