oil stock

@snowy22315 (99734)
United States
July 1, 2008 3:46pm CST
I had some stock in an oil company but oil prices started to drop at one point and I sold it. i have stock now on the advice of my broker into a refining company. It is continuing to drop while the oil is going up. Should I buy back my oil stock or stick with the broker idea? I am pretty discouraged. I read something from Kiplinger that said refinery stock is a good buy, but probably not yet... What to do? The refinery stock has been on a straight down.
3 responses
2 Jul 08
Ooh not sure - this kind of thing isn't my area!! Saying that though the oil could go up again if you switched so maybe stick with it for a while longer and see how it goes?? x
@snowy22315 (99734)
• United States
2 Jul 08
I might. I just dont want to risk alot of money. I need my money!
@rabi9634 (420)
• United States
22 Jul 08
I've never had any good luck listening to a broker. Do your research, stay on top of what peaks your interest, and you'll find some good bargains. I kept an eye on Welwind (WWEI) for a while, bought in, and sure enough it spiked up 500% from what I bought in at. It since dropped back down, but still 100% greater than what I bought in at. If you're looking for long term growth and minor risk, check out mutual funds and ETF's. If you're looking for greater gains, try dumping a few hundred into a few different penny stocks. Even if only one of 5 explodes, the gains from the one will cover your loss from the other four. Just remember that the stock market is NOT a sure thing, and you shouldn't be investing money that you can't afford to lose.
@karagala (447)
• Philippines
21 Jul 08
I think everything these days is down. I even had to withdraw my investment last month because it was going down. I lost a certain amount of money but if I continued on with my investment I was afraid that I'd loose all so I withdrew what was left and Time-deposited it.