RE:Sold my oil stocks Well you are certainly not alone in your selling on a late Fall Friday afternoon. It is anything but a contrarian move, but contrary has been very profitable in this sector.
November is a notoriously poor month for energy. It's shoulder season. The summer travel/constructoin season winds down while the winter heating season has not yet picked up. It's usually a great time to accumulate rather than sell, and this November is following the rule to a T.
Good luck with your cash. We will see what December brings.
stock_for_gold wrote: There's sure quite the negative news showing up these last few days concerning oil prices. It doesn't help not having a clear indication as to what OPEC + will do in the coming weeks. With volunteer oil cuts from members of OPEC+I is not a clear picture in price direction. Iusually hold onto at least half my oil stocks during uncertain times and buy back on positive news but this time I sold all my stocks and holding on to cash until the new year. BTE may be ok but still not sure as to the 58 million shares that will come on the market in 9 days. I'm sure there will be some selling pressure. I'll buy back in new year when market settles a bit.