I'm glad to see the price of oil has come down. $4 gas seems to be the tipping point to the economy. When it reaches that level, car sales go down, people don't go out to restaurants and shops and the spiral down begins. The price of oil at $86 or so would keep the economy stimulated while giving NE and the drillers continued profits. NE will be back up soon. Good time to get in or back in or more in if you have the cash and the time to wait.
Yeah, I think you start to build back a position on this weakness. Yesterday and today I accumulated about a 1/3 position so that I can participate if it goes up, but allowing myself to do a couple of more buys in case we continue in this oil service sector weakness that has developed. Sometimes these selloffs in the sector have legs, so I'm trying to gauge if it's over. Today makes me feel maybe not as the market is strong and the drillers are weak. ESV has been hit hard, seems like people are getting worried about ESV's comments regarding increased expenses.