Sunday, February 26, 2017

Sold my shares in Jericho Oil (JROOF)

I sold my shares in Jericho Oil booking a 72% gain. I bought the shares back in October of last year.

The oil market is well supplied and the rig count is bouncing back. I suspect we will be seeing lower oil prices before we see higher prices. As you can see from the last few weeks I have been pairing back on the oil names and booking profits. I am still bullish on the natural gas and condensate names I am holding.

These headlines do not make me bullish on oil:

US rig count jumps by 10

US turns into 'oil nation' with record exports, 'eating' OPEC market share

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