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I bought 200 shares of Exxon stock in a finance competition at my university and I've lost $812 (4.46%) over the past week or so. It's been offset by my gains from defense stocks, but is by far the largest loss on my books.
My plan was to buy, assuming the stock was undervalued, in the run up to the Tillerson hearings. Halliburton stock went up almost 1000% from 2003 to 2008 when Cheney was VP, so I assumed some investors would buy Exxon on the assumption Tillerson will protect its interests (getting closer with Russia, opposing climate treaties, etc. etc.), as evidenced by the increase in the stock the day he got picked.
Should I cut my losses and sell now or hang onto the stock? What are oil prices going to look like in the rest of 2017?
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>>1721958
I was thinking of buying this, I'm just waiting for a dip; you are no longer confident?
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>>1721962
Well I've already lost 4.46% and I'm not expecting something along the lines of a 10% rally just from the Tillerson nomination, I was just hoping to make something between 3-5% on a short term basis. Now, even if the stock rallies like 3% on his nomination, I'm still down 1%. So I was wondering if there any reasons beyond the Tillerson nomination for me to hold onto the stock.
The competition is all year round and I'm holding defense stocks that have paid off nicely in the first two weeks, so I can afford to make some losses here and there. Would holding onto it be promising later in the year based on the oil price or chemicals demand? What interests you in buying the stock?
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>>1721967
you should hold onto it because you have a great record as an inverse indicator for the stock
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>>1721958
>the stock was undervalued
> I've lost $812 (4.46%) over the past week or so
>Halliburton stock went up almost 1000% from 2003 to 2008
So you're comparing your weekly performance to Halliburton's 5-year performance... Get your time frame in check bruh
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>>1721994
Good point. The competition goes on for the whole year, so i was wondering about other macro trends. I was hoping for short term gains and sell after making a sweet 3-5%.
Are macro trends favorable for the stock? With the OPEC and Russia deal, I can see oil prices going up, but if there's expanded shale production, there should also be downward pressure on prices, right?
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