Slider,
I seldom post in deference to most of the posters here who have far more experience in this sector than I. Nevertheless, my two cents...
You have made, I believe, several excellent prognostications in your last posts; I especially appreciated the "dead money" concept as being a ringer for the current market. One can just see in the mind's eye the fate of fund managers who dabble in oils, with 3-9 month time frames for profits, when fabulous returns have been made in the internuts in the same amount of days or even hours. The market is what makes a sector go and I believe our time will come, the worlds commerce still runs on oil. Electrons can only go so far.
Having reviewed my own trading habits I find my own strengths go to finding inflection points and utilizing them, the more carnage the better. Daytrading, though a tempting siren, is not for me.
Consequently, I too am going into the sector, starting with ESV which has fine fundamentals (and a cry Wolf downgrade) and is sitting at long term support going back to 95, 94 and 90. Then going into others with more leverage/risk such as GLBL when I see a safe bottom. I admit a bottom could be any day, even yesterday, but as an experienced knife catcher, I must be able to find the handle and not the edge!
So I will be buying anymore downside as carefully as I can, with a longterm horizon. Good luck to us both and to all on this thread.
Roebear |
