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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area
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To: allevett who wrote (24686)11/6/2006 8:58:32 AM
From: delta99  Read Replies (1) of 37387
 
well Al you may be right but they finally got six rigs drilling all at once...its hard to believe even this management could screw it up unless there isn't as much oil in the ground as a lot of people seem to think. It sounds like they are making a lot of progress on the pipeline constructions as well. Why would they even bother with 30,000 bpd pipeline if they weren't expecting it to be utilized? Unless they are just trying to fool everybody. And what about the government offering them an extension on their lease recently? I seem to recall something of that nature happening recently although I'm too tired and lazy to look it up. Fundamentally I don't see anything wrong with the stock it seems silly to me to bail out right when they are finally getting the ball rolling.

Not to mention a lot of people bailed out already in the past few weeks so a lot of the downside I think has already been priced into the stock. Now the price action I agree is a bit frightening but I really don't always trust the short term efficiency of the markets. There are plenty of obscenely undervalued stocks that took big dives when they should be climbing e.g. MMGG.OB (as of today MMG!).

Personally I'll hold on to TMY although I have to admit it is a small position. Maybe its just part of my tendency to use sentiment as an contrarian indicator...I don't ever try to sell when everyone else is bailing out (like the past two weeks in TMY). Usually that means its a good time to buy!

Rob
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