Bought More Provident Today
October 13th, 2008
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After watching the price of crude oil start rebounding prior to the market open this morning, and seeing that futures were taking off, I put in a low-ball order for more Provident Energy (PVX: chart, web, Y!). After seeing the price action after the first 2 hours, and not getting filled, I raised my bid for a small 100 share lot to $6.15. That order filled about a half hour later.
I think a majority of the CANROYS are oversold due to the nuclear fallout from Wall Street, and I still believe there is some significant upside to PVX.
My basis is down around $10 per share now, and will continue to buy under $8, so long as the we continue seeing money trickle back in to the market.
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Yeah, I like PVX too. I like it even more now that it’s cheap. I wish I had bought more back when it fell into the $4 range-that was crazy!
Speaking of fire-sale-priced, high-yielding investments, what the heck is happening to muni bond funds? Did somebody default? No? So what’s the problem, then? More speculation on steroids, I guess… Apparently, EVERYONE is going to loose their jobs, loose their homes and not be able to pay taxes and buy stuff, ever, EVER AGAIN! What a disgrace!