RE:RE:RE:API....fellowship wrote: BAT was not even discussed yet, it was brought as a scare to explain the fell of SP cross the board. I am now fully convinced that oil price has nothing to do with where SP is heading . Same applies to other companies. The only truth is buy low and sell high. No trading analysis..no fundamentals. Question is : where is the low ? For BTE we know support is around CAD 4.60-4.70. There is too much shaking in the oil stocks right now without any good reason.
What else can it be ? Money leaving commodities, to buy cheaper later.
My brother in law is a professional trader and has made a fortune in the stock market. I dont talk to him much, I dont even like him actually and he and my sister live in BC... But that being said we had a little family get together here in Ontario and they came out.... Now keep in mind he has a net worth of about 12 million so he knows what he is talking about...... He said BTE and others have sold off because of US traders getting out of Canadian smaller and small cap stocks. He said BTE has huge upside if the border tax thing doesnt happen or even if it is minor..... But for the time being BTE will remain supressed until this is resolved.... He said MEG is taking off because it isnt traded in the US... so Canadians are buying it but if it traded on the US markets like BTE CPG etc, it would likely be $4........ He said he wouldnt touch BTE or CPG or anything else right now, because there is money to be made elsewhere and why wait?? So he is trading US banks etc. He also said be prepared for a correction, and expect pretty much everything to get hit, especially financials, but they will recover to new highs going forward.