Saturday, March 3, 2007

Market Update

I bought some more oil stocks early afternoon Friday. I think the selloff in those is stupid as the data show very strong demand for gasoline. I added to positions in CVX, XOM, DVN, MRO, and COP. I added a little CHK, too, as the natural gas excess supply has been whittled down nicely and prospects of a hot summer are good.

I am planning to start to buy US stocks soon to replace some of those sold recently. I think this is a correction in a bull market, not a change to a bear market. Of course, more bad news could change that.


Bud said...

If the economic data is soft this week , the recession talk will surely heat up. I'll be watching oil prices ( and oil stocks) carefully as a tell.

Bunkerman said...

I think we can count on the beefers to drive prices to good buy points. They are in full bear mode. Patience will pay off, imho.