RE: RE: Will have to wait to get back in...got assgribbs2...your guess is as good as mine as to where SU will be in few months...However the Oil contracts going out a few months now show higher prices to come...so...take that as a hint.
The lowest SU got was when the market hit bottom on NOV 20, 2008 at 18.83 (closing price). The lowest SU got when the price of oil hit 33.16 or around that number (the lowest it's gone to)...back in December was 21.58 (closing price)...so I think we'll need some pretty bad numbers going forward to see that level again.
But if the overall market tanks and we see a double bottom at the NOV 20 market lows again... then anything is possible.
In my opinion SU is worth picking up anywhere around the 22.00 - 24.00 mark which is near the 40 Day MA . Save some cash for more if it doesn't show support there.
Markets work on fear and greed and if the market turns around... and I think it will ...SU will do fine. And I'll likely buy back in if it gets near the 22-24.00 dollar range. If SU goes back into the 18-19 range the whole market will be back in a very bad place.
If I hadn't been taken out recently by the JAN Covered Call getting exercised... I would still have happily held onto my SU. Right now I am building my NXY position...but that doesn't mean I don't like SU anymore... far from it... I have made some good money off it... and only took a small hit when it was in the high 50's bought in at the wrong part of the cycle... but I have made way more then I lost from that first transaction...and using Covered Calls month to month has been a great strategy makes you good money every month!
Hope that helps gribbs2.
Cheers will post again when I own the stock again.