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October 20, 2005

Sector 10 Energy gets whacked!, Thurs., Oct. 20, 2005, 6:05 PM

This was looking so much like October 19, 1987, that I had to give my head a shake it was 18 years and a day later. Hedge funds that are long the energy complex must be going down the tubes because energy stocks certainly are.

Oh how bad is this going to get?

Two days ago I said I wouldn't want to be long QQQQ in the morning. But with GOOG tomorrow lending support, just maybe QQQQ is a better place to be than Diamonds. How about that XLE today, down "4.5 pct.??

That's what happens when a sector gets whacked. The best run companies in the world, coining the cash flow at record high rates, sitting on low, low PE's, and no matter " ZAP.

I suppose it could be worse. I suppose I could be an American sitting in those ultra-safe" high-return Canadian income royalty trusts. Talk about an asset class breaking down!

Geez this is fun.

I wonder if T. Boone is up for a game of cards tonight? If so, he'd better be wearing his sunglasses and baseball cap. Because his ticks are making this too easy.

But then again, maybe Pickens is a value trader! Do you think?

Posted by Posted by Bill Cara on October 20, 2005 06:07:21 PM | Category: 10 Energy

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