Agree that there is no harm in waiting and seeing what happen from here.
It is possible that they may go further simply because margin calls are being made and lots of organisations that are heavy investors in spec stocks are heading for the door - even by selling stocks at far below true value.
For the long-term investor you will do very well with any of those stocks long-term - but it is still worth sitting on the sidelines for a little longer as getting in lower increases the upside potential greatly.
Who would have thought SAE below 30c again, CVN looked a fantastic bargain at 37.5c and it hit 35c today!! (NB CVN currently on an unbelievable PE - likely to average 15000 bopd over the next 12 months at profit around $1m per day (assume oil only $US100/barrel and parity $AU/$US, production costs $35/barrel)before capital expenses, current MC only about $240m so PE for next year likely an absolutely absurd 0.7. PE approaches 0.4-0.5 if you take into account likely exchange rate of about $1.20 and oil price average $130. It's a crazy, crazy market. It is quite possible that in a few years time CVN will give a divvy of 50cps!! In PV comes off then SAE may be up there with them.
SAE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
