contrarian investor..always have been. I just sold my EOG shares at $186..to a hungry herd...and today it's $177 lol. What they're dumping today ..they'll fight to get back in very short order. I just wish I could scarf up everything I'd like to get....but discipline rule keeps me in 1/3 cash at all times. Everybody's been chasing the EOG's, CLR's, and they have virtually ignored the small E&P's working the same core shale areas. I've put my money on several of the smaller E&P's where just a few good wells makes a substantial change in their cash flows.....I'm ready for earnings...from Nov 4- thru the 7th.....feels like waiting on Christmas. GLTA
Question, does anybody think all this downward pressure may be short positions being closed anticipating a good 3rd QTR report? Just curious about others thoughts.
I think its the direct opposite of what you said. I think they are opening new short positions. Everytime we go up it sells off fast like someone is shorting. Tomorrow's numbers will tell, but I expect another increase in short interest. say 53 million from 49 mil
Sentiment: Strong Buy
If your invested here because you believe the company's fundamentals etc will continue to improve, why then do you care if shorts are closing their positions or not? Regardless as what you believe the share price to be, if the company continues to improve over the coming years, the price will follow.
Do us both a favor, go buy a couple more shares, and go on a different board to ask silly questions like that.
From what I saw across the energy sector it was a program action as I saw numerous energy stocks print identical charts. At about the same time there was a raid on momentum stocks we started getting the sell-off in oil which just amplified the negative sentiment. Short covering would support the price so I'd rule that out. MM's are great at creating sell-offs in both stocks and commodities...they use their positions to not only take profits but to drive values low enough to reposition for their next ride up. In the long haul daytraders are at a disadvantage to program traders who can make big moves across entire sectors. In general the one thing that MM's can't beat over the long run is posted performance. I prefer to get on stocks that I judge will post results...and just ride the waves. GLTA
me too, added to HK, and AXAS positions...held off on getting too much as I was hoping for further decline on oil inventory...looks like I guessed wrong. I was kind of surprised everything has held up post the data release since it was higher than expected. It's all good though..I lowered my cost basis fairly well and that was my main objective...but in hindsight ...wished I grabbed a tad more.