Playing Earnings on World Fuel Services Corp (INT)
11/11/2008 10:01 am EST
World Fuel Services Corp (INT) announced better-than-expected earnings yesterday. It seems to be benefitting from both overselling in the energy markets and strong profits.
The strong earnings have led it strongly above its 50-day and 200-day moving averages. An interesting play might be to allow the short-term profit takers to sell their positions in the morning and then take advantage of that retracement. It wouldn’t surprise me to have it test it’s own 200-day moving average. If it does so, and doesn’t break that resistance, it looks to me like a great intraday trade back up to the high twenties.