taking stock

Its a rough ride, the ASX has now lost all it's gains for the year. Markets are de-leveraging in a downward spiral that is approaching a crash. So much money is being taken (or forced) off the table a quick recovery is remote. About a 2/3rd's of the hedge funds still have to report.

The price of oil is holding up well, better than other commodities, even gold, in fact with the fall in the $AUD one could argue that the oil producers are gaining out of this. The market might tune into this and regard energy stocks as one of the few safe havens.

Will the current Canning drilling hold up the share price? Who knows, but the massive possible gains from any success should limit the losses in relation to other shares, one would hope.