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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (70878)	10/3/2006 9:22:39 PM
From: Wyätt Gwyön	Respond to of 110194

could be. maybe people were afraid the warning would be much worse. but as i mentioned a few days ago, the stock has already been hit hard (along with the whole sector). i saw some comments by Bernie Schaeffer. he seems to think the stock "needs" to go down more because a lot of 50-strike calls are out, and now the magic 50 number is resistance instead of support, and not enough analysts are saying to sell the stock. it's funny, i guess Schaeffer thinks he is being contrarian but that kind of analysis strikes me as the most conformist possible. EVERYBODY cares about TA, and "max pain", and crap like that. NOBODY says, shiat, this stock is trading at farking 5 times earnings, i'm gonna buy it. you know, if enough people were to think that, some day the stock might even merit trading at 10 or 12 times earnings. i know, that's just an insane PE for the preeminent North American refiner that has increased earnings 10-fold in a few years. but why should we pay attention to the stock as a business, the way an old fuddy-dud like Warren Buffett would, when good ol' Bernie Schaeffer has found the meaning of life in max pain and support/resistance lines. i think Wall Street and the commentariat are crazy.