Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Drilling contractor Vantage Drilling
So what: The news came out on Friday when the company announced that ultra-deepwater drillship, Platinum Explorer, was making its way to India for a five-year contract, and investors kept pushing shares higher today. Near the end of the trading day, 7 million shares had traded hands, surging past the average volume of 1.1 million shares.
Now what: Shares have been moving higher since Wednesday and the momentum trade is gaining steam. At the risk of missing out on a continued move higher, I am going to wait out this move until volume settles down. I don't want to get left holding the bag if shares fall back to prices we saw early last week.
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