Friday, July 13, 2012

Finding a bottom

My Cathedral Drilling (CET) hasn't done much lately but that's good. The almost daily fall has stopped. It seems to have found, as they say, a bottom. I'm hoping I can now sit back and wait.

I'm not a big believer in stuff like bottoms. Oh, they exist, no doubt. But determining when one has hit bottom is only possible well after the fact. When the bottom is clearly history, then we can declare a bottom with confidence.

Now that I am so deeply mired into Penn West, I am hoping that I can soon declare it has bottomed, turned around. I don't need much of a recovery to make all rosy. Rosy is not to be confused with red. When it comes to PWT, I have lots of red.

Would I buy more PWT? I would consider it but I might pass. If the market is that weak, there might be better places to park my RSP savings and spread the risk a little.

Oh well, the markets open in a minute or two. Let's take a look at the opening action. I have a few stocks I watch. Mostly, I'm looking for entry points. I'm well invested and can wait patiently for what I see as bargains.

PWT has opened stronger. It's up more than a percent. Nice. CET is sitting on the sidelines. Trading is often very light when it comes to CET. All I ask is that these two stop hemorrhaging money.

All the other stocks that I follow are in the green. Such stocks as: IPL.UN, TDG, EMA, BEP.UN, FTS, PD, CPG.

Oil is above $86 at the moment. Anything over $85 is good. It may be a good end to a rough week. But it is always good to remember individual days, or even weeks, are only important when viewed in context. Take the long view.

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