I just sold all my COP at 83.20 July 31. I think I will buy back in but I think they will fall a lot further than 78 and I am going to wait with cash for at least a month or two. If Harry Dent has any validity at all in his demographics research on population spending and investing patterns we may be in for a long slide. Yes some call him Harry "Broken Clock" Dent (always tells the right time twice a day) but his birth rate curves do show a strong correlation to the stock market charts, and even when he was wrong from 2001 to 2007 the three humps of the SPX still fell exactly within his predicted boom period. timewise. That is why I think he may be right, although maybe a few months early when he predicts a crash to end all crashes possibly starting in EARLY 2014
You are way too bearish on a PE of 9, not AMZN or FB. Relax, I will buy every dip if I can as the cash flow is strong even at $90/barrel. Janet Yellen will suffer the most as she holds too many COP shares. 4% dividend and good management, nothing to complain. The trick is 15300 on the DOW, if we hold, we wil snap back to 18000 by year end. Think about the motivation of Fed, print and flush out shorts or sellers.