RE: A good day (believe it or not)I know this may be hard to believe for some ardent followers and even harder to grasp for those who jumped ship but I believe that the drop today was not all related to Mx earnings report. All gas related stocks I'm involved in dropped signifigantly today.
The drop by Methanex was a little larger than say Anderson Exploration or Imperial Oil, PEL, VRM, Vintage, etc.
This seems to me to indicate that the excessive investor love affair with techs is still not dead yet and everyone jumps ship to try and catch the return to the stratosphere of tech valuations of a year ago. Fed bank drop rates yesterday and everyone tried to jump on the bandwagon. As the summer comes on us and the energy crises return to the headlines, maybe then more investors will realize that energy prices( electricity, Natural Gas) will not be falling to the expected levels of a year ago. Gas is driving electricity and as such demand is not about to drop. Any company that is so directly tied to natural gas as is Methanex will surely suffer the investors whims of gas stocks. Because of Mx dominance in the world markets, and its enviable advantage vis-a-vie natural gas, METHANEX will surely rise far above the price fall of the last day and that makes this an excellent buying opportunity.