CC,
<Be interesting to see how far energy stocks can fall.>
Good Sir, just stand aside. I traded out of 3 positions in the early minutes for small gains....had I not done that, certain pain.
There is simply too much product available. Liquidity is drying. Rates are rising. Housing and RE are tanking in many areas. IMO, there is no compelling reason to own energy now.
I looked seriously at the BTU chart over the weekend...after getting my wish to buy below 53 (which I did on late Friday).
Sold this AM -- simply because I do not think the 50s area will hold. Of course, I do not know, but I think BTU is also going south. Downside risk ???? I do not know, but it looks like BTU could retrace to 32ish. SWN UPL and other gassers look very weak.
CF today is meaningless..it is the future. If price declines, future CF, obviously, will shrink. Even the Canroys are not safe, IMO. If I trade in the near term, I will have to gettem atta reaaly cheeeep price.
jmho....
wp |
