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Stock Talk’s Technical Trade Outlook for Tuesday October 27th, 2009 are: BP, VLO, MCK, V

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BP, the UK energy group, has discovered a “giant” oilfield in the Gulf of Mexico that shows a new frontier opening up for US Crude Oil production. The Tiber field, in more than 1,200m of water about 250 miles south-east of Houston, is one of the biggest discoveries in recent years. It is thought to hold at least 3B bbls of Crude Oil, of which about 500M would be recoverable with today’s technology, and could be significantly larger. The field was found by the deepest oil well ever drilled, reaching more than 9.4km, almost six miles, below the sea bed. BP is pioneering the exploration of the Lower Tertiary or Paleogene area of the Gulf of Mexico, which lies deeper than the strata that provide most of the region’s known reserves. The Tiber discovery, following the Kaskida field found in 2006, which is also believed to hold 3B+ bbls of Crude Oil, is further evidence that there are large volumes yet to be found in the Gulf. BP believes there could be a further 20B barrels or more in the deep water, on top of the US’s proved reserves of about 30B barrels.

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Here’s this weeks schedule for earnings reporting:

Monday morning: reports from Honeywell (NYSE: HON), Radioshack (NYSE: RSH), and Verizon (NYSE: VZ).

Tuesday morning: reports from Amgen (NASDAQ: AMGN), BP (NYSE: BP), Office Depot (NYSE: ODP), Pepsi Americas (NYSE: PAS), US Steel (NYSE: X), Valero Energy (NYSE: VLO), and Viacom (NYSE: VIA).

Wednesday before the Bell: reports from Aetna (NYSE: AET), Arcelor Mittal (NYSE: MT), Coca Cola Enterprises (NYSE: CCE), Conoco Phillips (NYSE: COP), General Dynamics (NYSE: GD), Hess (NYSE: HES), Sprint Nextel (NYSE: S), Time Warner (NYSE: TWX), and Wellpoint (NYSE: WLP), with Visa (NYSE: V) reporting after the Bell.

Thursday before the bell: reports from AmerisourceBergen (NYSE: ABC), AstraZeneca (NYSE: AZN), Colgate-Palmolive (NYSE: CL), Dow Chemical (NYSE: DOW), Eastman Kodak (NYSE: EK), Exxon Mobil (NYSE: XOM), Goodyear Tire (NYSE: GT), Kellogg (NYSE: K), MasterCard (NYSE:MA), Motorola (NYSE:MOT), OfficeMax (NYSE: OMX), Royal Dutch Shell (NYSE: RDS), and Sony (NYSE: SNE), with First Solar (NASDAQ: FSLR), MetLife (NYSE: MET), and Walt Disney (NYSE: DIS) reports after the Bell.

And Chevron (NYSE: CVX) reporting before the Bell on Friday.

Popularity: 2% [?]

Stock Talk’s Technical Trade Outlook for Monday July 27th, 2009 are: ACI, BDK, BP, EXC, HON, VZ

Popularity: 1% [?]