RE:Conference Call The Dow is down about 700 points , Nasdaq down 425 points and the mindless Tse is off 250 on a Friday afternoon (oil still holding $105). The report yesterday had some opportunistic capex spending in Clearwater which lowered FCF , it was predictable that traders would use as an excuse to sell . Its a Friday after a great run in the SP so the timid are being rattled today and the rocket scientists have all showed up to the party .
If you're not squeezed on margin , just like before , this to shall pass . Clearwater production more than doubled last quarter but the talkingheads don't want to talk about that today . If this was Baytex.com , with that report we would be trading over $8/sh today but alas , the world doesn't need anymore oil , phantom production will magically appear , all rainbows will be green and everyone gets a lollypop .
Fear not , reality will bite them all in the A$$ next week so have a beer and forget about this short term blip