GREENLAW4-7, your anecdotal reports are actually adding to my fear that oil is topping. I don't know if you are right or wrong, and maybe I won't know for months.
I can say for myself though, with my fear up, I am now selling down to somewhere where I'm more comfortable. I have reduced amounts and/or number of positions with my nat gas stocks and Canadian oil sands, and today am reducing positions in integrated multinational oil companies.
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There is just something here (this thread) that makes me uncomfortable. This thread apparently is one of the most bookmarked on SI, with over 1200 people and presumably devoted to "...discuss and share ideas related to the land and offshore oil industry and oil service industry."
So today we have RIG reporting disappointing results, and there's not one comment here. ???! Which tells me I am clueless and maybe I should even reduce positions further. Because if there's no posting, it must be a non-event to everyone (else) here - either nobody's in the stock so nobody cares, or else it's something normal/expected and not worth mentioning. No one here apparently sees today's drop as a buying opportunity. So I have to ask myself why am I one who's still holding on to it now, and other service stocks too for that matter? Ah well, these are not comforting times, for me anyway =g= |
