Welcome to the Oil & Gas Investments Bulletin Conference Call. As a reminder, all participants are in listen only mode and the conference is being recorded.
I covered my 2000 share short on Valero (VLO-NYSE) Friday at $66.85, a gain of $2.55 on the first 1000 and 75 cents on the other 1000.
I’ve said many times I don’t know (and neither does any other human) where the oil price is going. I’ve got lots of cash to buy oil stocks, and I’m willing to miss the first 15-20% off the bottom.
Last January I bought DHT Holdings, an oil tanker company, thinking that low oil prices would increase shipping. I got bored with the flat trading of the stocks and sold it a few months later for no gain.
Today was a bad sign for the markets, IMHO. Not one day of rally this week. I expect a 3 day trend after a day like Monday, with a hard snap back day on either Thurs or Fri. Nothing.
As of today the Big Boards have sliced through their support levels. It’s pretty clear that the Market is going to be challenged for awhile—however I don’t see any Big Crash.
I’ve purchased 2000 shares of Cortex at $2.35. It’s a small position to start, but I will add as news and financials come out and prove out my growth idea.