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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.88

-0.3%

Jan 30 4:00 PM EST

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To: Johnny Canuck who wrote (49130)	1/29/2013 2:19:15 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 70328

We have discussed this before. Despite the breakout in the energy index most of the money is going into the majors as they have the cashflow to fund their drill programs or at least access to capital or bond issues at reasonable rates. The mid to small cap E&P companies are essentially trading near their lows except for a handful that are able to fund their drills program from cashflow. Companies such as EPM and MMT.V are examples..I think the fundamentals have changed in this later part of the economic cycle. Prices for oil and gas are moderating as supply equals and some cases exceeds demand. The large oil producers can afford to wait now till the small to medium size companies run into difficult accessing capital to pick up assets on the cheap. Even the Chinese realize this, so some of the Chinese buying may be peaking.

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