Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: VLAD who wrote (27058)	8/5/1998 1:33:00 AM
From: waverider	Read Replies (5) of 95453

When coupled with bear markets, which we've been in for over 3 weeks now, market extremes can last 2-3 years. Finite amount of oil, yes...expanding demand, not at this time. The world will eventually use all the oil in the ground, but the time frame in which is this going to happen is what the market is debating now. Comments about selling at the bottom have been going on around this thread since April/May...people continued to hold and watch things like CDG go from $60 to $19. Will CDG go lower? What is the risk/reward ratio? Who the hell knows. The point is to cut your losses fast and not let them bury you. Not that you want my advice but you might want to consider the "10% cutting your loss rule" next time. Since the March correction, I've dumped any position if it failed to rally and I was caught under 10%. It has saved my ass. To carry a stock into a 20-30% loss (or more in the OSX case) is insanity. Until this market turns, capital preservation is the most important thing. Long term holding is suicidal...no matter what the investment community, or other SD posters, want you to think. <H>

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