CNE hit hard, page-30

If solely looking at Cairns SP over the last couple of days, look beyond, as it is holding quite strongly to the massacre on oil stocks. BG, Tullow, Ophir, and Premier on the LSE have copped a much bigger hiding, and on the ASX, Santos a whopping 13%, Woodside 7%, and the list goes on. This is quite extraordinary as companies like Beach Petroleum with decent production and reserves, are near half value to 12 months ago. Ophir Energy, partner in Kenya L9 have plummeted from 350 pence to below 144 as I write.

I feel after this onslaught in the past 48 hrs, the trend realistically can not continue, all is factored in, those bailing, will be out, and those looking for bargains will steadily build a new bargain front.