Sometimes one has to regroup in order to survive. Of course they knew the stock would take another big hit but they will hopefully be in business when the price of oil comes back. They can not stop the price of crude from going down. What they could do was discontinue the dividend and remain viable. Do not let the things you can't control interfere with the things you can. I do not like that they needed to discontinue the divi yet it does appear to be the responsible thing to do.
It is as if someone knows something we retail folks don't or there are just so many shorts taking it down and covering only to take it down more. Definitely a walk of shame.
A few shorts covered. Money in their pocket now. Look for more shorting. It appears oil to still go lower so there will not be real buyers just shorts covering for the most part on the buy side.
Expect Canadian banks to go lower as their oil sands folks are going to be in worse trouble than they are now. The Keystone Pipeline is done for now and maybe forever.
Few shares on the bid and big time shorts making a bundle as they collapse the Canadian banking shares.
Obviously you are wrong wong. This is oversold. Shorts have taken Canadian banks down big. Canadian banks are light traders on the Dow and provide a beautiful opportunity for the brokers to make a bundle taking them down. BNS is a great long term investment especially on the Dow. This bank is not going out of business and provides a nice dividend. They will cover and it will move back up.
HAL is going to go lower. Obviously this has been a bad time to own HAL and it is going to get worse. The big oil companies are cut their drilling expenses for 2015. COP has trimmed 3 billion. Others will follow. Big money has seized the opportunity to short. Because they move the market they decide the direction. When those buyers are shorting there are few buyers. Sure for every sell there is a buyer but many of the buyers are not real buyers. They are just shorts covering who will short again. They have a core short position and then use many millions more to short and cover as they move the sector down.
Wall street institutions have made a bundle long in this overpriced market that they have created. Now they are shorting and making it on the downside. When they are shorting there are few buyers. They control the market. They the buyers have not left the arena. They have just changed teams. So those that buy are still the same folks but now it is for covering their shorts. They create core short positions then they use their many other millions to short, cover and short again in order to move the market down. The retail investor exacerbates it somewhat with his fear as he now sells. Another reason why it goes down so fast when we see a sector tumble.
It went from 55 to 43 thru September to October. Now it is falling quickly again. Appears that it may go below the 43 this time. It is a disaster in the world. We have been able to keep the market up with all our money printing. Much of the rest of the world will be paying with IOU's. Am watching the GS, JPM's etc. picking on certain sectors to short. They can't make the big money on the longs in this environment. They are still making money are certain sectors they take long but now they are having to short rather than buy other sectors. Dow may not be an oil company but because it is a chemical company it is lumped into the same group for them to short. Has come down fairly quickly from noon on Friday.
Very easy money for the big money. Retail folks getting out with big money covering a few of their shorts. Down $2 and over 4 % today.
DOW hit 41 last January not this October. I have no idea how low they take it. They could take it to 25 or lower. Then they will go long and have another run. It could take 10 years for that to happen.
Market up 160 points and after initial small move up more sellers or shorts then real buyers and back down it goes.