Peter:
"Anybody think this drop in Energy Service Sector is getting overdone? (or at least getting somewhere near a bottom?)"
In a word, no. Today it looks like they're (AG & crew)going to push out the economic recovery another quarter (wait, this won't be the last time they play this rerun), we've got warm weather, high storage, worldwide recession, OPEC and NOPEC at odds, Argentina problems, worldwide recession, and the "war premium" on energy is disappearing, and worldwide recession (did I mention that?).
This cycle could well be more shallow than the last one (OSX 46 then, where do we go to now, but OSX 79 ain't it), and it will be much harder to make 400~500% gains over 18 months like before, but there's no reason to think it's time to buy the OSX stocks now.
Kb |
