Optik Stopped Out on COP

December 28, 2017

 

Optik Options took a negative hit on our alert for COP.  The downgrade was insane given rising oil prices but it forced our stop loss to be triggered.  It was a terrible downgrade and a market overreaction.  Why?  Well, just days before the downgrade, on December 12th, ConocoPhillips (COP) Initiated at Neutral by Credit Suisse. In addition, COP was raised to Buy From Neutral by Goldman Sachs on December 14th.  Two very reputable financial firms with a very positive outlook.  But, Holly Frontier cut COP from a "Focus Stock" to a "Sector Outperform." And then the stock fell. 

 

It makes no sense as all the fundamentals say that COP is undervalued and going up.  We will continue to monitor COP and see what happens but we will have to show it as a loss on our Performance Page for 2017.

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