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Major oil stocks have been hit just as hard as any other today!

Its all down to concerns about the expected interest rate rise in the US, probably in June and mounting concerns about the situation in the Middle East reducing oil supplies, just as the annual summer demand for petrol, (particularly in the States) is due to go up..... (compounding the shortage).

Its the overall affect on world economy that's driving the market down, outweighing any positive-ness oil stocks might have gained from the increase in the price of Oil.....

I think it just confirms what has been said on this board already, that we are in for a bumpy ride until something more positive comes along.

In the mean time it does present some ideal buying opportunities especially if its a good drop.....

I've gained more by buying during such drops than buying when a share is already in flight..... (in-fact I look at the "Highest Percentage Losers" list far more often than the "Highest % Gainers" list for this very reason)......

It takes some guts to do it sometimes but its useful to bear in mind a dramatic drop is often "Overdone" and is well worth buying, especially if its down to sentiment rather than bad news..

John

Rothschilds Pigeon,
Agree with general premise but in this case do you think we might still be seeing a bit of market revenge over the undelivered promise of the blue-sky deal? Would like to see a contra-market flat before I look again.
Regards
SC

SC
In my opinion the undelivered promise of the Bluesky deal had already taken place and factored in prior to yesturdays (Mondays) fall......

Theres no doubt in my mind the fall was entirely due to that which affected "The whole worlds" markets yesturday.

Regards John

Rothschilds Pigeon,
Wouldn't disagree with you, and to some extent I believe today's showing supports your proposal. My point was that I like to see some original response from a stock, not purely a market sheep reaction, as there has often been a bad smell which lingers after such an event that outlasts the initial sharp reaction, and it is not unusual for a non-sheep response to mark the end of this phase.
Regards
SC

on the up again today . i think people are realising this is a good buying opportunity .ic tipped fto as a speculative buy while shares are saying sell . nobody seems sure but its worth a punt in my opinion . upside could be good.

I think we should be on a winner here

me 2

i know the bluesky hold-up is a pain,but surely it will go through ok. the results were good, were`nt they?.can anyone tell me why they are not moving,the FT website has tipped them as a buy for ages.i`m still keeping mine and hoping

dexter

volume starting to rise a bit a little MM action as well anyone still watching im holding quite a few expecting a rise as we go into july

still watching. likewise, would like to see us the other side of 7p!

has the bluesky deal been dumped?is this the reason for the drop.

drop i would say is just market sentiment not much blue about these days but there has been MM activity and the drop is very small considering recent rises ,long term baring any china economic probs this i would say is a dead cert over time considering what commodity its providing !!

a pretty tight trading band over the last month . i think this will continue until the blue sky deal is resolved one way or another. i think positibe rumours would get the mms walking the price down to collect shares form weak investors . that would be a good sign for me as i have seen this a few times , prices drops then there is good news and prices rockets . been caught a few times myself like that.

I have held fortune oil shares for a number of years they are looking good
set to rise again

i think so too . getting closer to july when the blue sky deal should be completed . should be a nice rise upto then .

A little interest beginning to show rumours of stock building in back ground maybe some hoping but def a share to be watched i think it will move fast poss when deal is done.... dyor

anyone with L2 for FTO just curious !

anybody heard anything . ?

The chart is looking positive at the moment!