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August 24, 2015

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Aren't Oil Stocks fun right now? I guessed wrong on mypicks last week. Oh well, long term we should be fine. I hope.

What happened to DIVERSIFY? ;)

Rod,
Oil will recover. Unless people stop driving and flying and consuming plastic products and chemicals and using generators, heating their homes, using electricity, etc. etc. The worldwide oversupply is a fraction of what it was in the mid 80's and demand is slowly rising.
Oil will recover, but now I'm starting to worry about the snap back on the other end. The longer and deeper this oil dump lasts, the worse it could be on the other side. Especially for 3rd world countries. It's a mess any way you look at it.
To ease my pain, I doubled down on SGY this morning at $2.07. :)

kayak guy,
I'm trying. I bought a little more GRC this morning and some DIV. Looking at WIN again too. And Gamehost. But Surge at $2.07 was hard to resist. And CPG hit $11.31 at the open. Unbelievable.

My biggest issue with the markets right now is that I need more cash! Even banks are starting to look tempting.

On a different note we spend 3 months in the USA during the winter and in the summer go on some half week or week long Rv camping trips around the interior of BC. This summer has seen our Rv sitting waiting to go somewhere. At first it was a way too hot and now the smoke is so bad we spend most of our time indoors, we live in the North Okanagan and unless you are here it is hard to imagine how smoky it is. Hopefully with this bit of forecast rain coming we might get some local camping done.

Rod,
ME TOO! Funny you say that. Every time there's a big dump in the markets I say to My Fella "Man I wish we had an extra hundred grand lying around to buy (insert stock here)!!!!"

Mr P,
I know how you feel. Haven't been this excited about rain for a long time. Hope it POURS this weekend.

I'm torn on the rain...I know we need it badly.

But I'd also like to lie on the shores of Shuswap Lake this weekend, favourite beer in hand, and bake in good ol' BC interior heat. Ah well...at least I can still do the beer part.

And I've been buying up some bigger U.S. energy names in the past several days...CVX being my biggest purchase. Oil futures are up as I type this...could it be? An end to the misery? Probably not. ;)

kayak guy,
WTI hanging in at $42 this morning so that's good news. Why Chevron? Are you looking for US dividend plays? I'm staying away from US stocks til the loonie gets traction.

CVX was of interest to me (despite our dollar weakness) because it's dividend (which has been nicely elevated due to stock price drop) is likely NEVER to be cut. After having a few of my Canadian holdings either CUT or REDUCE their dividend, this was very appealing.

Also, the CVX went into our RRSP account...so tax sheltered.

Also bought some TOG at the beginning of the week...made out like a bandit so far. Hope this continues... oil at $44 as I type this...actually looking like it might threaten $45. Amazing.

After I read your your posting....I checked out SGY. Great little company! Took a position Tues. I don't regret it. Im a CPG and IMO guy myself...but nothing wrong with another!
Good luck to us all.
Mark

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