It was only greed that saved me Sushi, I bailed in the $1.70's...

It was only greed that saved me Sushi, I bailed in the $1.70's when it retreated from $1.80 - I have chicken knees.

This current downturn has been going for 9 trading days now, below is the % drop of the oil stocks I follow which shows Arc fairing a little better than the average share:

AED Oil -19.0
Amadeus Energy -8.9
ARC Energy Limited -7.9
Australian Worldwide -7.3
Anzon Australia Ltd -1.9
Antares Energy Ltd -24.4
Beach Petroleum -10.8
CUE Energy Resource -1.0
Carnavon Petroleum -17.9
Horizon Oil -10.1
Karoon Oil & Gas -1.6
Mosaic Oil NL -7.8
Nido Petroleum -10.7
Northwest Energy -15.9
Nexus Energy Limited -3.5
Oil Search Ltd -6.3
Otto Energy -11.2
Pan Pacific Petroleum -16.4
Petsec Energy -6.6
ROC Oil Company -7.9
Range Resources -6.1
Santos Ltd -6.3
Tap Oil Limited 3.3
Woodside Petroleum -3.2

Is it a good idea to sell now and pick them up lower when the crisis has abated?

For:

- No sign of crisis ending as yet
- Guaranteed to preserve your capital vs uncertainty

Against:

- Drilling to start in a couple of weeks, major targets
- Oil is steady, down 1.5% over last 9 days
- No real logic in Mortgage crisis affecting energy stocks
- Recovery in sectors not affected by mortgage crisis could be fast and furious when it occurs
- Bargain hunting could be imminant
- USA market dumped for the weekend, could easily bounce overnight if no further bad news.
- I believe most bull market corrections last a couple of weeks which means this might be near the end IF it is ONLY a correction and who knows the answer to that?