Morning Report Tuesday 9 December 2014
Oil Plunges BUT “insiders” start buying in the US
Last night, Crude Oil crashed over 4% to lows not seen since July 2009 and oil stocks fell in a manner described as a “fire sale”. However, with valuations in US oil stocks at decade lows after over $300 billion has been wiped from their worth, we are now witnessing the biggest wave of insider buying since 2012 – in the US an “insider” is described as a director, or senior officer, of a company.
Directors buying is definitely not a guarantee of that prices will rise as we have witnessed locally with Twiggy Forest buying Fortescue all the way down its 60% decline from this February’s highs.
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