(updated SLB section 02/01/2012 at 2:19pm)
Today's PMI numbers are very good, and should favor names like ATI, SLB and DD. More importantly, we can deduce from the Euro what the EU PMI may be going forward. The ECB will continue to pump money into the system, and a big infusion is coming at the end of Feb. This should keep downward pressure on the Euro, while providing support for the EuroZone manufacturing. (Mitigating EU economic contractions.)
ATI - The technicals for ATI indicate the stock is consolidated, and the weekly chart suggests current levels to be an interesting area for an initial position.
SLB - The stock is sitting on a long-term resistance area. Today's oil inventory numbers created a slight pull back intraday. Relative weakness in oil may prevent SLB from breaking out, but generally speaking, crude (Brent or WTI) above 90 is pretty bullish for the name. I would like to enter an initial position near 70-73 (between the 14 and 50 SMA).
DD - Need chemicals if manufacturing is growing, and with the above thesis, DD should be positioned well. Its just way too overbought for me to enter right now. Hopefully, with a market correction, DD can see around 48-49 (between the 20 and 200 SMA).