RE:RE:RE:RE:RE:New 52 week lowUnlucky13 wrote: I hope you are right because I would rather be on the right side then the dark side. But if I were to say to you $40 oil before $50 oil or $7 BTE before $13 BTE or even $8 BTE before $12 BTE what would you take? We are still rather robust at $43.89, most are saying $25 or $30 WTI. No signs of going up, this was $20 three weeks ago, it's not coming back in 2015. We might bottom at $5 and sit there before it turns around. The analysts targets mean nothing, they are way too high and suck people like me in. I picked the wrong horse and went all in and paid the price. I should have gone all in today at $10.50, instead of $20, but now it looks like $7 or $5 is very possible. All texhnicals are thrown out of the window, this is far worse then 2008. We might see some major dividend cuts and shutdowns. Baytex is very overvalued now, they are in debt and can't afford the dividend. The American Dollar will only get stronger, we are over supplied by 455 million barrels. What are the catalysts for a reversal? Waiting on a world conflict is not a sound strategy.
I am all in TET and swing trading it at $3.56. The next catalyst I see for oil prices heading higher is any major geopolitical event, a bullish oil inventory report, economic data that will cause the overbought US dollar to go down, OPEC announcing a cut in production (which is due within a month), a big drop in weekly rig counts. I am just naming a few off the top of my head. I would not be long BTE yet, I would be on the sidelines and swing trading it daily. I still see the dividend as the overhang in BTE and the big thorn in it's side. But when I saw TET at $3.56 and insiders buying millions of dollars worth of shares above $4.20, and the fact that the float is tiny since insiders own almost 50% of outstanding shares and institutions own over 30% of outstanding shares, I couldn't stay on the sidelines any longer. I backed up the truck. I have made my plunge into TET with oil at $43.86. Let the chips fall where they may. My bets are placed, yours are placed. I am long TET at $3.56 and you are short BTE at $11.26 (I think I saw you post). I will let you know when I sell. You do the same. I was already up 13% in one day with the huge share price swings, because of the tiny float. I might just take some chances and try and catch the highs and lows. I will see what oil is doing and make decisions on the fly. If I get stuck in it, I will hold, as it can rise fast. A couple of weeks ago it went up 40% in two days (from $3.63 to $5.30 intraday). That was mostly because of the billionaire Clayton H. Riddell buying 300,000 shares on the public market at $4.20 something. I am watching Canadian Insider as I am expecting to see him buying even more shares at these share prices. The Riddell family has 3 Public Canadian Energy Companies. TET, TOU, and POU. Excellent management in these companies and they recognized that dividends were not sustainable and eliminated them 100%.