I didn't wait for 27-28, instead covered today. Why?
cause market action was unexpected today. The OIH fell bigtime and considering where the US housing/credit-card based economy is, the FED will be cutting rates agressively now on Oct30 to save us from a HUGE RECESSION.
That would only mean one thing - dollar goes lower and oil/metals complex goes higher by a lot. Chinese dumping treasuries to buy oil/metals stocks worldwide.
I might start my first 200 long position on SPN weakness on monday.
Okay, I will credit you with the correct decision in covering, but it didn't amount to a gain, because the OIH and CLB dropped more than SPN today. But you faired better than anyone that was purely long, I will give you that much. Regretably, my basis is $33.28, and I am down a fair amount on this one.
Personally, I am not concerned what SLB said about the Gulf. I read the rig reports, and I already knew about the decline this summer. It doesnt warrant this drop. The OSX dropping 6% with CL at record highs is just silly. Recession or not, it's not like global energy demand will be affected such that CL drops back to $50. And as long as CL is in the stratosphere, NG will hold, in spite of surpluses in some markets.