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I unfortunately listened to Cramer and bought RIG JUST before the explosion in the gulf. Needless to say, I have just about lost my shirt. I hung on, thinking it would come back. Now I'm afraid to sell because I can't imagine it could go lower...but then it does. Should I sell and take a humongous loss? I hear they will even reduce the dividend shortly. What do seasoned investors do?
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I bought more at $21. Won't be surprised by a dividend cut if oil prices stay this low. That's really the key. Can oil stay at these levels? Can OPEC keep pumping or will they reduce production? At this point deep water drilling is too costly relative to market price. I expect long term we'll see oil prices rise again but until then RIG won't be earning much. I still want it in my portfolio but I'm watching the oil market and RIG closely.
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i could have written every word there 👆 i lost my shirt. dumped at huge loss. couldn’t stand to watch it any more.
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