Ouch!

As to my last post and update… in hindsight so far this week…yep, should have sold Monday on the bounce up and held off, may need to hold off for some time but am now just playing a “gut feeling” that Friday has to be a little bit up? Then again, how many days did it go up with out going down? We may have about the same amount of down before we see up again.
I think the down in Oil and some of the Oil stocks was over due but also now over done. Much on the bad news of the BP disaster causing some pull for all and especially those closer to that well-head, but also a lot of fear that the financial troubles of Europe might cause a severe slow down… Lets see…. the daily use went down from the bubble bust back in 2008 and so far it has not moved up strong but up limited? The production numbers have not changed much at all either… big stories about finds or big fields but nearly all are “deep water” or will take multiple little increments to make any limited change in totals… (old fields with new technology)…. so if Demand is pretty much stagnant and Supply is pretty much stagnant then price swings of 20% do not make sense other than trader perception to minute changes in nebulous numbers? I really would not want to be caught shorting any of the oils or oil stocks from here…. but I am not sure I would be buying big chunks either… I think we have reached the necessary numbers for a correction so let’s all hope this is what it is and from here it can start “creeping” back up to the end of the year?