SXY

SXY had a rights issue at 74c recently which closed on the 11/7/12; the market price had come down to below 70c.  It had some failures and some successes with its recent explorations but market is only interested in punishing the failures.  When I first bought into this stock (VPE before the name change), I promptly sold off one parcel for a stag profit.  And kept the other one.  At that time, it was the right decision to sell but when VPE started to drill successfully in the Cooper Basin, the price has been rising... until recently.

Several days earlier, I had put in a buy at nearly 10% lower than the "failed" rights issue.  As usual, you then wished you put the buy bid at a lower price but I am happy with the top-up at 67c.  Since the price of oil/gas is falling, I don't expect SXY to go up soon.... unless it hits a good oil/gas column.

I love buying when the markets are falling.... but it is impossible to pick where the trough is.  And with little logic for market movement, I am mostly sitting on the sideline.