It's Hammer Time!

I'm seeing a fair number of hammer candlesticks in energy land, and, coming after a strong sell off like the one we're having, hammer candlesticks tend to be a good sign that a bottom has been 'hammered' out. You can read more about this particular candlestick formation here ('Bullish Hammer'). Note that we still need confirmation tomorrow, which I'm thinking we'll get.

Update: I was wrong, the hammers went unconfirmed. It looks rather sickly out there.

In the longer run, well, it's nice to read something like this:

Reuters: Halliburton sees earnings doubling in coming years.