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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: CommanderCricket who wrote (51360)	10/13/2005 11:16:56 AM
From: whitepine	Read Replies (1) of 206192

CC, What multiple for CHK, STR or UPL do you think is the base, root value? As we have witnessed today, the price of NG has barely moved, but the price of NG-related stocks has declined significantly. I have no concern with NG prices if the price of equities declines. Thus, the minimum PE ratio for energy stocks is the key indicator for assessing relative risk. Price actions today also suggest to me that all the discussion about metrics of production, NG prices, shut-in volumes, etc., are not that important. Institutional selling and institutional perceptions are THE factors that affect our returns. Our collective focus will remain very fuzzy until we gain a more clear insight to the motivations of institutional trading. wp

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