Monday, August 25, 2008

Drillers tread water as the market swoons

The broader markets are taking a big hit so far today, with most averages down about 2%. My oil drillers are holding up comparatively well, and crude prices are flat. There was some consolidation news as well, with final details on the merger of Grew Wolf and Precision Drilling. As I mentioned last week, I raised a lot of cash from positions that I trimmed or closed. So if the market weakness persists, I may take advantage of the lower prices to step in and buy.