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IOCHUHU, thank you. But, honestly, I fail to see any inter-connect between an extremely low volume US based ETF and an Asian player like IOC. These are completely different worlds, market wise, volume wise, value wise and other wise.
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IOC certainly has a higher beta than the ETF. My point is that while the price of Oil has fallen to $89 from $100 E&P companies are going to get caught in the down-draft and a high beta name like IOC in the absence of news is going to go down and by a larger amount than the ETF. The ETF has been going down every day and every company in the index has reached FID. IOC hasn't reached FID so it's gonna be volatile.
Stay strong longs I know the ride is nauseating.
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09-27-2012, 05:00 AM
(This post was last modified: 09-27-2012, 05:01 AM by Petrovale.)
There are fewer than than 90k shares traded in today's US based IEO, if that's the ETF you're referring to. IOC, located in Asia, is trading about 715k on the NYSE, and seeks to market assets in Asia, based on Asian prices. Unfortunately, I still don't understand what you're trying to point out, regardless any concept of FID or oil price.
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09-27-2012, 05:05 AM
(This post was last modified: 09-27-2012, 05:06 AM by Petrovale.)
Thank you, Trans, but XOP, with significantly higher volumes than IEO, is doing a lot better than IOC, judged by the daily chart. So, I would like to refer back to the options concept and the news value mentioned earlier. Am I overlooking something?
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Petro, sorry, was looking at the last few days on the XOP
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My point is not that there are lots of E&P companies that have been going straight down with the fall in the price of Oil (IEO and XOP track these) and while a lack of news isn't helping IOC's price I believe the largest driver of the price decline over the last 5-8 days has been the falling price of Oil and other E&P companies.
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You are correct that is is not just IOC.
Canada Stocks Fall a Fifth Day as AGF Shares Plunge, Crude Slips
(Bloomberg) -- Canadian stocks fell a fifth day for the longest losing streak since May, after investment firm AGF Management Ltd. missed estimates and commodities tumbled amid concern that the euro-area debt crisis is worsening. Penn West Petroleum Ltd. and Bankers Petroleum Ltd. retreated at least 2.3 percent as crude fell to a seven-week low. AGF plunged 9.1 percent after third-quarter earnings missed estimates. The Standard & Poor’s/TSX Composite Index slumped...
