As for the IBD article, it was good so far as it went... though not an outstanding piece discussing the potential of ARAY.
However, it was accurate and said some things that others probably read for the first time who do not own ARAY.
I am not at all surprised that ARAY is down... along with the markets in general... because of the increases in the price of crude & gasoline.
All of my accounts... even the very well managed and selected funds are taking huge hits. I have no idea when the pain ends.
I hear such trash talk by the wacko-s that we should beg the Arabs to produce more while we refuse to do anything to up our own domestic production... they say ANWR will only add a million gallons a day and take 10 years...
well, we have known problems were coming since 1973 & done nothing, and Clinton vetoed a bill about 12 years ago to begin drilling ANWR. (So it would be producing NOW if he had NOT VETOED it!)
Moreover, the old adage "every little bit helps" could not be truer! Not ONLY are we unlikely to find a pool of oil big enough to replace Saudi Arabia in one spot, we will never find it iIF we don't look! We won't drill anywhere... even with the Chinese beginning to do deep drilling off our very OWN coast just beyond our territorial limits... after OIL near to our own land! Almost what one would consider our OWN OIL... if we do NOT go get it, someone will!
DUH... how stupid can we as a nation be? Answer... pretty FS!
So am I surprised ARAY's price has fallen... no...
do I think the PPS currently is where it should be? No. But the market has spoken for now... and until Roth-Anderson or other news...
I do not expect to move up much.
BTW... even GOLD and gold shares are not advancing against the rise of OIL. (although I expect it will be a delayed effect with the price of gold!)
"I call investing the greatest business in the world because you never have to swing... All day you wait for the pitch you like,... The problem when you're a money manager is that your fans keep yelling, 'Swing. you bum!'"
W. Buffett
