Slider,
Also, just look around yourself on this and the Yahoo thread. It is filled with fear, loathing, and despair. Classic psychological tell tails of a market bottom. Its people who set the market prices and the people are scared and upset.
The PKC acquisition will have a negative effect, large one I would think, unless it is already discounted in the price.
Tomorrow is the last tax loss selling opportunity for this dreadful year. My TA expert has told me oil has hit the bottom. Market refuses to give any credence to the Bolivar finds which are already under Harken's belt. The market reaction to the Bolivar strikes have weighed heavily on the minds of the management and no doubt explains the slowdown in exploratory activities. The correct move, in spite of what everyone has said about the broken promises of HEC management, in this environment. Remember these plans, not promises, were made in those halcyon days of $17+ oil. Things have changed folks. It would be imprudent, no stupid, to spend a lot of money to do something no one cares anything about, finding oil. There are layoffs down at the plant and Daddy has decided it would not be in the long term interests of the family to go to beach this summer.
So, are we all as contrarian as we think we are? You'll know tomorrow.
I'm backing up the truck and picking up another load. Been buying all week.
We'll see.
Jack |
