As a former BP stock holder, don't delude yourself for too long. I told myself the same things with BP for weeks, watching the stock tank a little more every day. Perception is everything. The longer this drags on, as with the BP event, the worse the hit for TOT. I'll wait til the danger passes, and then think about getting back in. I was out the morning after the leak was announced.
im not so sure buddy, im concerned about the personal spending #'s coming out friday at 8:30am. todays durable goods #'s off 1/2% and fridays PS# just might follow. tomorrows initial and continuing claims #'s should be ok as they wont fizzle until we get consecutuive bad PS #'s. with fuel prices stuck over 4.00, spending will continue to be weak as people save for vacations. this market is looking for a reason to sell, and i beleive it is on the way. i sold today with a small profit as i dont see the reason to hold someone elses problem. this could take some time to fix and if the market has a correction all boats will sink. good luck in any event........
Calm down folks. That's just now how the market works.
1.) It takes 72 hours for the news to set the trend. Yes, it's a gas well, but it also produces oil. Let's wait for more information to bubble up. (pardon the pun).
2.) When BP hit, there was no dead-cat bounce after the stock had its first 5% down day to $55. When Fukushima hit CCJ, I was warning folks of the same thing. After the stock dropped 10%, everybody rushed in at $35 to watch the price go down 5% the next day and eventually down to $22. The "dead cat" bounce was at $18.
Patience is a virtue. I am long, I intend to stay long, but tomorrow is a day to deploy 10% of your capital available to buy. Wait until Friday or ideally Monday of next week before you really commit to buying.
80-90% chance this is just another gas leak. But I still you'll still be able to catch most of the discount by waiting a few more days to be a little more sure.
For now, let your cooler investing head prevail and buy conservatively. If you want to pick up 500 shares, just buy 50, maybe 100 tomorrow. You'll still be able to get it for $52 at the end of the week (barring something crazy happening in the oil markets).
Except that most retail investors won't be aware of the big drop in their TOT holding until this evening or tomorrow, then there will be more panic sell-off. Just wait. I am. Be patient and get it at a better price.