There was a time that oil traded at about $10 that a brand new drilling rig worth millions could be had for perhaps as little as a few hundred thousand dollars and that PD (then not an income trust) briefly traded under about $14 (it has split 3 to 1 ?since, so that would have been about $5 in todayâ€™s terms). That was 1998, I loaded up on the stuff and got out at about $20 â€“ for a very brief moment believing my own genius only to watch it go straight into the stratosphere. Now , give or take 10 years later, we may once again be at the same juncture.
There is a credible 5 wave pattern down that may not be completely finished but cannot go that much further. Should we not begin a new bull, at least a counter-trend move of $10 or so is very much in the cards. For those readers that are completely without prejudice or bias, it is also a comfort to know that the top dog is Dutch.
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