Friendly reminder of 3 Absolute Facts...

[Antoniosn]

With the energy sector taking a beating, keep in mind what occurs on June 1: the new hurricane season and what will happen with this sector at the first tropical depression and hurricane...Predictions are this season will be another active season...

B.R.I.C. is still a sponge vis-a-vis energy, metals, etc, Master Cramer preaches

Ergo, as Master Cramer advises: start buying quality companies on the extreme cheap for what is about to happen regardless the June FED action

The Wall Street selling benge by the various Wall Street herds can just as easily turn into a buying benge--It will come out of nowhere, so be careful with waiting for more "bottom" on a good stock you like--The CNBC Talking Heads will provide their usual blinding 20/20 hindsight--NOT FORESIGHT!

[Antoniogloli]

I agree energy is still in bull mode longterm. I sold out of my beloved Suncor today http://onlinetradersforum.com/styles/default/xenforo/clear.png because I think it will be available lower, much lower. Oil looks like it goes to $60/barrel or lower. Thought you'd never hear me say that, huh?

Iran gave in to IAEA demands so that takes out $15 in risk premium per barrel when oil was at its high of $75. Granted Iran could, and most likely will, do something drastic once inspectors get in there. But, for the short term it's gonna tumble.

There's a chance this is not just a correction. Historically, the market predicts recession and with the breadth of this selloff it is looking like the bear is just around the corner. I will be back in oil in the future but not until we see support which from memory is ~$58. For the time being I am all cash after I gave up my gains on the year.

[Anthonyzot]

Oh boy lets dont bring up the damn hurricane season. The oil companies already have their preprinted responses ready. This summer may be a pain in the butt already thanks to no action to resolve the gas gouging. I was surprised though to see Greenspan talk somewhat positive about the housing market not crashing but only cooling off. :|

[Antonetiefs]

I agree, I'm not counting on hurricanes. We may get a scare or two but the institutions will beat us all to the punch as soon as it looks like one is headed to the gulf. I'm just going to wait until oil bottoms, hurricanes or not, to buy back my shares of Suncor. Until then I'm out.

[AnthonyMl]

looking at two energy plays today that had my volume screens jumping. following volume in a down market can get you in trouble, but here goes: GXP, an electrical producer on the coasts, texas and some upper midwest. just announced a stock offering and the shares are holding steady? next im looking at ENB, a nat gas and crude distributor in canada with some international exposure. i hope i don't sound like i am pumping these.. purely speculative. i am looking at less than a week time frame. both should bottom today short term. happy hunting!