It appears that Large Cap Oil Producer Stocks have bottomed earlier this morning and are bouncing back. This of course could be a very temporary move and these stocks should be watched carefully. Many analysts seem to think that US stocks are due for a correction from the rapid rise since the March lows. Still I do recommend considering small purchases of the Large Cap Oil Producers. Note the lows they attained this morning:
- Canadian Natural Resources (CNQ) $54.77
- Nexen (NXY) $23.02
- Petro Canada (PCA) $38.51
- Suncor (SU) $30.30
- Talisman (TLM) $14.96
I purchased a small amount of Talisman today for my wife’s RSPs @ $15.12.
Keep watching carefully and good luck ! Warren.
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