Thanks Texas Tea Party guy. Yes, the fiscal cliff is looming and I don't believe the Dems and GOP will manage to avoid it (although I hope I'm wrong). I've been making other moves in my portfolio in anticipation. I'm not too concerned about my small investment in LUFK. I'm willing to sit on it a few years if needed. There's also a chance the Israelis will attack Iran's nuclear facilities soon and we'll see oil prices skyrocketing. My only other energy holding at present is NE. I figure sooner or later oil prices will be much higher and I'm willing to wait.
I'm not a day trader, generally looking instead for value and holding for months to years. I've done well with stocks like BIDU, EBAY, USG and gold (GG) and silver (SLW) miners. I'll probably sell some to take advantage of the quickly disappearing 15% capital gains tax. As a long time Republican I'm not too thrilled with the direction the US is heading. Oh well. We cast our votes and lost.
tony, it's a month later, and you have nice profits in LUFK. I missed this run, but I did but other O&E E&P plays, and did well with them.
Can I make 2 comments on your post? One, energy stocks are all trades, they all move with the price of oil. I don't think there's any strong reason for oil to be much higher, or much lower, than where it is now.
If we get past this mess with our govt, and Bennie continues to weaken the $, oil shd move up. If the economy and mkts improve in Q1, oil could get back to 95.
So I see these stocks as holds right now.
But I really wanted to comment on LT oil prices, which I think will hit 140-160 within 2-3 yrs, as a result of BO policies of spending too much. So oil plays with oil at 86 are good plays!
Last, as a LT stock holder, you shd look at the biopharmas, they are in BO's happy place, and my gains this yr are just great. I hold REGN, ALXN, GILD, BIIB, ONXX, and a couple of the smaller plays. If you bot just REGN at the start of this yr, you would be a very happy camper, check it out, it's my largest holding, I have more in REGN than all my oil plays.
I was an oil player (thus the Tx tea party, playing off oil being called tx tea, nothing to do with the political movement). I moved to the biopharmas after I saw what BO was willing to do in the aftermath of the Macondo well disaster.
Thanks for your Comments and stock suggestions! I'll look into the biopharmas. As for LUFK, luckily I sold a few days ago at $58. I decided not to be too greedy and so took the quick 20% profit. Since then sp been dropping and I hope I can get back in at some point. Regretably, I continue to hold NE and am watching that slowly go down. Hope you are right about oil prices ecentually going back up, a view that I also believe is inevitable.