Long Run Explor Ltd Ord WFREF

RE:RE:RE:RE:RE:RE:RE:WTF

[iwpete]

There were big sellers in USO and other oil etfs today.  The comment is that traders are taking advantage of the recent runup in oil price in advance of the OPEC meeting June 5, in case it's negative.  
I think Canadian E&Ps were down because oil drilling rigs in Canada increased by 29 while they fell in the USA by 13.  I can't believe there's only 646 rigs drilling for oil in the US while Canada is at 98.  The ratio is all wrong.  
On the other hand it looks like the Canadian E&Ps need to drill to stave off looking like fools as the depletion in the shale oil plays comes home to roost (the enhanced oil plays probably aren't econimically viable at $60 oil).  Some of them are depleting a lot faster than many thought, 70%/yr in some cases.
I'm hoping for a double bottom here in LRE at 66 cents.  It should happen if there is lots of fear in the market.  Might even see the 50 cents that TD wants  
And then with a run to $75US oil WTI over the next couple of months LRE could break a buck at some point.... yee..ha!
There are some problems though. 
ZeroHedge says that margin debt is at an all time high, and quite a bit higher than in 2007.
If the markets crashes I figure we get QE4..