RE:this is too brutal!danlin78 wrote:
how is any long investor going to survive this? my entire portfolio is down 65% already. this is worst than 2008!!
Sometimes you need to know when to cut your losses. I did this morning. You can always buy back in if there is a change to the oil prices. There is nothing to support the oil price going up right now. It looks like it is going to head lower. BTE and all other energy stocks will go lower too. This second wave down is worse than the first because it is pushing out the timeframe even longer of lower oil prices, which means a longer timeframe of these companies not making a profit. There will be a bounce, and it will be big, but right now that bounce is not here and no sense hoping for it. Hoping does nothing and right now with China collapsing who uses the most commodities and with the US dollar rising, all commodities are getting crushed. Not to mention it is the summer doldrums and the shorts are in control taking advantage of the low volume and no buyers being around. It is a black swan event.