Sammy, I've continued to buy more shares using dollar cost averaging. Now own 14000 shrs. On Dec 31, I will profit handsomely from these EP investments. IMO - The market has forgotten that the impact from the 2005 hurricanes is the main reason production was down 8% (or whatever is the correct number) in the second qtr 2006. IMO - The market is also ignoring the fact that the hurricanes have had no impact this year so far. Thus, there has been more time to recover production. I'm looking for a pleasant surprise in E&P by EOY or early in 2007. Have now bought back almost all the shares I sold between 14.5 and 16. May eventually exceed my past peak ownership of 17,800 shrs. Better still Farmers Almanac (hold your laughter) is predicting a more normal winter than last year. I'm worrying less about the weather every day. I enjoy buying opportunities likes this past month. Buy low and sell high. Easy to say - not easy to do.
It's nice to hear from you. I am quite sure that your purchase seems to be very reasonable and very good move at the time of oversold status.
I've been a little upset myself that I made wrong prediction rather too rosy for Q2. My E&P wasn't correct as others also were predicted same as me. I still believe E&P chief was forced out for that reason also. I am going to refraim from myself to do again.
Good luck, mother. Your cautious approach will be rewarded sooner or later as a long term investor.
Start dabbling here and wait for the downtrend to halt before buying too much. If it continues to drop buy a little more around 13 and more around 12.80. Then hold and root for a cold winter. You'll get a good trade if we get an early cold snap or wait for the upside trend to resume and buy up. I think 6 to 9 months from now we'll be happy to be EP owners.