The sector is way oversold and company stocks could see a 50% quick uptick turnaround. I have seen this before maybe three years ago when prices suddenly plummeted for a few days and then likewise moved back up in a revolving fashion. I threw the dice, bought a big block of a driller stock and made a huge profit buying at the bottom on the dip.
The correction is close to being completed. First it was a Flight to Safety with Biotechnology stocks, Social Media and high P/E stock getting drubbed, then it was the Russell 2000 and now it is the broader market. 2 people have Ebola, things are not good in the EU like the past five years and this is October, the worst month for stocks. All this seems like a poor excuse for negativity and so the erosion must be purely technical.
I look for a Santa Claus Rally and a slow upward recovery over the next five months.
On February 20, 2014, $9.22 a share and a historical all time high and today October 2, 2014 and six months later, a 52 Week Low of $4.75 and half the price per share.