Guess I was wrong!
I was wrong about the price of gas rising after OPEC announced a production cut. The market decided that the OPEC members were just going to keep pumping oil and ignore the cut. Oil sank on the news. Luckily for me I was able to buy my lousy dozen shares of PetroChina [PTR] for under $110/share. I’m buying in my Roth IRA so I really had to make sure I paid less than $110. Even a 10 cent jump in the price would’ve meant I would’ve had to buy 1 less share.
I like PTR because
1. Its an oil stock and I think it’ll do well
2. It pays a dividend of 4.70%
3. It’s a canadian company dealing in China, so its also a hedge against the dollar.[that works both ways!!!]
4. If its good enough for Warren Buffett, it sure is good enough for me!!!
Along with Oil, natural gas prices were also down today, at $7.07 – quite a jump from the lows 3 weeks ago!
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
-
Gold Cracks $1000/Oz: Investing For A Recession Based on continuing weakness in the dollar, gold briefly breeched the $1000 level yesterday along with oil hitting an all time high of $111 per barrel. I had a really strong suspicion that we'd see $1000 gold by mid-March. Despite what Bernanke and Paulson said last summer, the housing...... - GDX Called Away I've been selling covered calls on GDX - yes I know selling puts is the same risk-reward ratio but I usually do pretty well in selling far out options. I lost a whopping $40 than if I had outright sold them on friday. I'm hopping we'll see a small dip......
-
Loonie Hits $1.09 While I've been screaming about Australian Dollar parity, the Canadian Loonie has launched a stealth attack against the Almighty Dollar. After achieving parity on the 20th September, it's rallied almost 10% since then. Today it hit $1.09 in after-hours trading. But I'm not complaining. Last month I received over......
Related Websites
- Buying Wine in Restaurants Ordering a bottle of wine at a restaurant can be confusing and even daunting. Many times, what little information available is incomplete or even wrong. To make matters worse, not many restaurants have a wait staff that is knowledgeable about the wines in question, leaving them to be of little......
- Ways to Green Your Home There are many different ways that you can green your home and your options will vary depending on your home improvement skills and what your budget is. You can find lots of things to do on a low budget, but they might require more work on your end to get......
- How to Survive (and Possibly Thrive during) Stagflation. Stagflation. The dreaded "S" word. Stagflation is loosely defined as an economic environment in which inflation is rising, while economic growth (or wage growth) is stagnant or declining. It's often characterized by high unemployment, and rising prices (high inflation) - the worst of both worlds. Stagflation, 70's style. Most people......
[All content is copyright of Living Off Dividends & Passive Income]
October 20th, 2006 at 7:33 pm
I think that oil sank despite the production cuts, not due to the news. I’m guessing either the market expected a bigger cut it would have dropped even more if not for the news.