RE:RE:RE:RE:Tax Loss Selling this Year...
Peak, good insight. I guess the question is whether the Saudi's are at the point where they feel their investment in weeding out the sector has gained dividends yet. My take is that it has not, that this turned into a bit of a longer slog than many thought including the Saudis. BUT it IS working and stopping now would put much of that intial investment at risk of not bearing fruit. They have the non-OPEC market where they want it now and from the Saudis perspective I can't see them taking their foot off of the gas just yet. A drop to $30 Brent would be drastic and it would be VERY short lived, but it would also put the fear of Jesus right into the belly of the lenders who support the non-OPEC sector. The Saudis have stated repeatedly that they want the market to decide the price of oil and have faith that eventually the market will respond and prices will rise to the $75.00 range. They've spent a year grooming this strategy and to let it slide at this point makes no sense to me. But in four days we will know. I'm fully prepared for and expecting a non-response.