Oil Is Going To $10
October 10, 2008 – 3:13 pm
At least that’s what the stocks are telling me.
Just take a look at a few names:
[[OIH]]
National-Oilwell Varco, Inc. [[NOV]]
Transocean Inc. [[RIG]]
Chesapeake Energy Corporation [[CHK]]
Petrohawk Energy Corporation [[HK]]
Petroleo Brasileiro SA (ADR) [[PBR]]
W&T Offshore, Inc. W&T Offshore, Inc. [[WTI]]
XTO Energy Inc. [[XTO]]
Valero Energy Corporation [[VLO]]
Halliburton Company [[HAL]]
WTF is going on? HAL at 15? If I had no exposure to the sector I would buy OIH @ 80 right here, right now.
Maybe former Fed smooshed face man Kdinnger or dunger whatever his name is was right, oil is going to $20, but no one will be able to afford it.
October 10th, 2008 at 3:59 pmRC… wait for the summit to meet in November before getting long oil, or swing long heading into the summit, but sell a few days before it.
According to my notes there are several ways to trade oil from here…
1) Oil should rally final week and a half of October heading into summit.
2) oil sells off after summit meeting.
3) Buy the dip there for long term, because I’m certain Opec will cut production in winter to drive prices up. that’s what I’d do if i were an oil titan.
I’ll let you more about my route later.
-gio
October 10th, 2008 at 5:09 pmIf you ask me… oil looks good right above 80!
October 10th, 2008 at 5:09 pmI’m curious RC, what are your primary fundamental scans for?
October 10th, 2008 at 5:30 pmI sound retarded in that last post. Sorry, it’s been a long day.
October 10th, 2008 at 5:32 pmMy question is; when you scan for valuable stocks, what fundamentals are you looking for?
PEG ratio, book value, cash flow, debt to equity.
Fly’s new service “The PPT” has screens for this, which makes it pretty easy to find candidates.
October 10th, 2008 at 6:15 pmThanks bro, have a good weekend!
October 10th, 2008 at 7:22 pmThis oil thing is temporary, but real. We will hit $200.00 a barrel soon but not before we hit $50.00. I will be buying the DUG Monday or Tuesday.
October 10th, 2008 at 9:41 pm