the selloff we had to have .. now for td, page-16

re: selloff.. harmano to hooter hooter

There is no doubt that large local and overseas funds have been reducing their exposure to the energy sector. You don't get the sort of run up we have had without these funds being involved .. and likewise when they sell its all down for a while.

Look I may just be searching for a "justification" of my "need" to sell to protect profits so that as a trader (as well as long-term investor) I can live to fight another day. Yes HDR is down with the market and sector. My feeling some weeks ago was that in the absence of a "good news" story there would be little to stop HDR falling like the rest. And that's proved to be the case. So I'm happy to have reduced my exposure and to feel more comfortable. I'm still in with some shares but have sold some and all my CFDs (last ones were stopped out actually at $2.04).

What other bad news could we get ... well a duster at Tevet Deep will not help and a delay at Tiof will not help..... so I have reduced my exposure to these negative possibilities. Once the dust settles the risk should turn to the upside ahead of Labeidna, Fuacon Uganda and production. Then I will buy. Simple as that. If there's some excellent Tevet Deep results or even say a takeover move while I'm relatively sidelined I will be disappointed but hey losing actual dollars by watching it fall and not acting is worse than missing potential upside.

I don't know what else could be weighing on the sp .. so that makes me cautious.

Cheers

H