I owned it at .40....sold it at .52...that's how smart I am....Still have INO, but sold half today along with some
PSEC, NRZ ...just too top heavy in those two...only have them in my income account now...put some of Stagg's AWLCF in there as well...bought at $13.80....later...going to Texas.
I am all green as well, and finally made some well timed buys ...but....Mark is right...best not to sit back thinking the worst is over....it may not be. Taking profits is not a bad idea either...I hate stops, but tight stops on these big run ups can help, along with the ever unpopular reverse ETF's, SDS and TZA...also keeping some cash on hand.
I will be in San Antonio next week, so I will not catch up with the board until I return on Mon the 27th.....may the dancing in the streets continue...a little longer, anyway.
Stay Thirsty, my friends....RB Gambler...
Bought; AWLCF, KKR,NUE, FCX, KNOP....all new positions....thanks, buy the way, to whoever recommended KNOP! Also added more BAC and SFL....very green today!
Great comeback on the oil MLP's...I am glad for you guys in those...Mark, Sarg, STAGG, HUFF...I am still not convinced as to the turn in the price of oil, so I will stay away for a while, anyway.
I started to buy back some of the PSEC I sold as well...SFL looking good in a terrible market today...may have to add some of that one as well on dips.
Man, I wish I had the balls to have bought TVIX and TZA when I had the chance...almost pulled the trigger, then chickened out. PSEC is getting clobbered....I only have half of what I used to have, but it still hurts.
WLL RDS-B and BP are at incredible prices....I will not buy though...this is not finished by a long shot.
Sold half my BAC yesterday...thank goodness.
Live and learn grasshoppers....
Too much supply, not enough demand, OPEC refusing to increase prices, as they are now actually competing with the US market for their oil, and they need to stay competitive for the Chinese market....oil has further to fall, just like any other commodity that has supply/demand issues.
It may even go into the $70's without OPEC support. Low demand, high supply, and OPEC nations competing with each other because of low cost USA oil, and they need to keep low prices to compete in the Chinese/Indian market for low cost oil...Europe, deflation, etc.....all in all, not a good sign for oil related stocks...sold KMI and NFG and have ZERO exposure to oil, save for SFL remotely.....no more falling knives for me! and my portfolio is finally having a really nice up day because of it.
Stay Thirsty my friends.....RB Gambler...
Getting killed here...don't know if I should buy more, or sell out.
Yes, Mark I think we are in for more pain. I look at the DOW and S&P, and I see some real down side possibilities and its scary....the Dow could easily break down into the low 15,000 area, and even further....selling is like an avalanche...once it starts, it just continues. I understand the drop in everything related to oil...see Seeking Alpha note; The International Energy Agency has sharply cut its forecast for oil demand, predicting that it will grow by 700,000 barrels per day (bpd) in 2014 vs a previous estimate of 0.9M bpd. For 2015, the agency expects demand to grow 1.1M bpd to 93.5M, with the expansion 300,000 bpd less than previously thought. "Recent price drops appear both supply and demand driven. Further oil price drops would likely be needed for supply to take a hit – or for demand growth to get a lift," the IEA says.
I don' understand the down draft in div. payers like MORL, CEFL, PSEC, NCV, STON and the like...interest rates will not be going up any time soon, so why are these stocks not safe havens? I guess there are no safe havens when the selling starts...all I know is I am down about 10% which is a big number in my retirement account, and I can't sell the high divvy payers because I want the income.....ugh! Right now, BAC is my largest holding, with div. payers above plus NLY, ARR and
NRZ...plus the aforementioned KMI and NFG that I just bought.....the rest is in cash...about 30%.
We shall see....I have lived long enough to know that just when things look like they can't get any worse, they usually do.
Good luck to all....RB Gambler...
The International Energy Agency has sharply cut its forecast for oil demand, predicting that it will grow by 700,000 barrels per day (bpd) in 2014 vs a previous estimate of 0.9M bpd. For 2015, the agency expects demand to grow 1.1M bpd to 93.5M, with the expansion 300,000 bpd less than previously thought. "Recent price drops appear both supply and demand driven. Further oil price drops would likely be needed for supply to take a hit – or for demand growth to get a lift," the IEA says.....like I said...demand for oil has declined along with huge increase in supply.....that's why the price of oil could go to $80. and even below, and stay there for a while.
I found this on another board, and it is an excellent analysis of what is happening today...
The meltdown in Japanese and European GDP has caused most fiat currencies to sink against the dollar. In the big picture, this is likely to increase inflation in China, and could create a significant increase in gold buying, by inflation-wary citizens.The US dollar is strengthening on economic weakness in other nations, rather than on economic strength in America. That’s very dangerous. Global demand for oil is collapsing, and the dollar rally is exacerbating the problem. If oil prices decline further, the entire fracking-focused US oil boom is at risk of imploding. If that happens, America could be thrown back into recession.
You guys are right...I went bargain hunting instead...also bought KMI at $36 and change, as well as
SFL, MORL, and some others....FB is the only one that has not turned around yet...but it will.
Missed buying FCX....will have to wait for the next down day....oil, gold and copper exposure with a 4% divvy...what's not to like? How about the Street now calling LNCO a sell, AFTER it got clobbered, while calling it a buy all the way down from $30??...they are useless...at least ZACKS has some
Only oil/gas stock I have left is NFG, and its hanging in there...I bought it at $69....aver. price for SFL is now
like $15.50...anything under $16. is a buy....stay away from oil stocks/MLP's. SDRL could hit $19. in this debacle...may be time to buy it if that happens. Down to 25% cash...what a week!
Mark, I am right with you...I sold the last of my oil exposure....LNCO and RDS-B...it hurt, but I see no upward move in oil for quite some time...I see only lower oil prices...I Added to NFG and SFL today...as well as NLY and WMC....will add MORL on lower prices...this is getting real ugly, real fast...holding lots of cash too.