| QUOTEexactly. The time to buy was last January and February. I personally bought Devon and Helmerich & Payne which are both up over 120% and 75% respectively.you are too late
Originally Posted by Rush51
If I may interject,....... now is a bad time to try and get into the energy space. You are late and the move has already been made and OPEC has made their "point". There is no problem waiting for a better entry point. Don't forget this..
FWIW, Energy makes up 30% of my portfolio before all of this. I am a long term believer in this space, but the recent moves of the last week are all based on countries holding firm to the agreement.
For example, no one know if Russia or Iran will agree to the production cuts. Personally, I think the deal is a farce, and don't believe these countries will stick , because they are in a world of hurt. As a result , they really need to keep pumping, and think they are playing the 'Saudis.
The Saudis (who the pull the strings behind OPEC), have the wherewithal to survive some down years.
Long story short, ... I don't believe the Iranians and/or Russians.. Besides, even if they hold to the agreement, American producers have the ability to pick-up the slack that OPEC is hoping to cut from world market productions.
So, I am looking to trim some of my positions soon if the market believes that $55 is a fair price for a barrel of crude. This is at the upper extreme of my price expectations FWIW.