stakesy,I just found sushis post. Poor bloke:Subject re: well...

stakesy,

I just found sushis post. Poor bloke:

Subject re: well i'll be! back to school you lot!
Posted 01/04/04 11:09 - 133 reads
Posted by sushi1
Post #267553 - in reply to msg. #267536 - splitview

hardamo,

I was in the same position as you - too much money in HDR and had been doing the "dumb" thing of trying to average down....Also too much concentration in the sector: 100% invested in oil!!!

Sold 2/3's of my position in HDR this am and also got out of most of my US positions last night.

Every Wednesday the US petroleum storage report comes out at 10:30 AM US time. Another build and inventories up again. I have been burned in the past by holding some oil company shares and then gettin' hit.

Got lucky and now I am cashed up and will watch and wait.

IMO there is no hurry to buy back in again for a while in either HDR or my previous positions.

Shoulder season in the US and rising inventories may put a lid on the oil price for a while until the market sees what OPEC is doing.

Also need a break from watching the markets


Voluntary Disclosure: No Position Sentiment: None