If you go to Rame Energy's website and check out their presentations they list SFY has selling at .51 NAV. This was most likely at a higher stock price. SP has them rated 5 stars stong buy. Barrons also had a favorable article this week. I started a position a few months ago in the high 30's and added to it today. IMHO its not a bad time to start a position and add to it later if it goes lower. Check out their earings and cash flow. 25% short interest is crazy. I can't imagine shorting a stock with a PE of 5 and 2X CF. Read an article that large investment banks are making a killing trading the voliatility of the XLE and XLF. One day XLF goes up and XLE goes down and then vs versa. Time to beat them at their own game and buy when they push them down. The fundamentals of oil is still good long term. Just my humble opinion.