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PERTH (Reuters) - Oil fell by more than $3 to near its lowest in 16 months on Wednesday, dropping back below $70 on mounting worries that output cuts by OPEC will not be enough to offset slackening energy demand in leading consumers.
http://www.reuters.com/article/hotStocksNews/idUSTRE49B3Y620081022
Good news - Normal news
Normal news - Bad news
Bad news - Worst news
Worst news - Hopeless news
leechongpeng ( Date: 22-Oct-2008 11:51) Posted:
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actually spc used to be around 0.70 in the 1990s up till 2003.
DJ Futures big drop. I got chance liao for kopi$$.
$2 impossible? Decide carefully
AK_Francis ( Date: 15-Oct-2008 11:20) Posted:
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Bro, I shorted lah! Dun seem to me that I can make kopi$$ today as it hover around the price I shorted this morning!
AK_Francis ( Date: 22-Oct-2008 10:36) Posted:
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wow...today's stock mkt...especially oil and properties..and banking as well..hey! looks like almost all SECTORs affected by this SHORT-SELL-ALL-U-CAN mentality siah! :P
In a bear market like this moment, bad news is the worst, I am expecting it to drop the next few days.
The fall in profit is understandable given that oil price had fallen from $147 in July to $70 lately (ard 50%). And the fall is largely due to a huge write down in inventory. In July when the oil is at the peak it was trading at $6.50-$7. If oil starts to go up (which most likely will), SPC will have a revaluation gain. Just like last year when all the property firms have extraordinary good results due to revaluation gains.
The OPEC is meeting this Fri to discuss a cut in supply. Can see some upsides after fri.
Some CEO make more than this. It clearly a problematic counter. I am vested at $3.02. Got to cut losses.
leechongpeng ( Date: 22-Oct-2008 11:02) Posted:
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seems like a hopeless counter for the next 3 months ! So any shifu recommends cut loss or still hold ?
Welcome to under 0.99 group !!
Look like this counter will be dropping the next few days with such poor result. How can a company only make less than $1 million?
yoh, brother , u long the burger at low siah?
idesa168 ( Date: 22-Oct-2008 10:20) Posted:
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Does not look like I will have kopi$$ easy today on this fellow. Shall wait and see!
Is $2.5 at good price to buy?
Imagine holding from the 9.00 high only recently till today @3.15...
one third of that price... and it may be still falling some more.
Thus, selling high really works (rather than long-term investment). But selling low is not advisable.
Clearly, the stock market is hardly a good investment medium, as it is fraught with unperdictable financial calamity.
i have been telling the forum abt SPC business..ever since it was @ $8..tat it was a sell call..
if u understand SPC business..it is a refiner..refiners are sub to feedstock costs unless they r integrated..
so SPC even tho they have exploration is damn small..they have to get their feedstock from other producers n refine it.. n the refining margins are subj to these feedstock costs.. higher the feedstock the less margin they earn..
Some people just say things which are not so possible. We call it cock-a-hoop.
Anyway no point for us to find out the truth.
99% drop in profit, don't make sense leh. earning per barrel is proportional to CO price. Unless someone controled the refined oil price despite the hike in CO during the last qtr??????
Compare with oil consumers, SIA, SMRT etc, really konfused!!!!!
Very disappointed with this burger. Last few days, investment houses call for Sell was not Fox Come liao.