Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of SandRidge Energy (NYS: SD) fell 10% today as the dollar strengthened, oil prices fell, and the market sold off.
So what: Oil was down nearly 3% near the close of stock trading as the market sell-off continued on concerns about future worldwide growth. Greek debt concerns have led the dollar to rise, which has helped push the price of oil lower. Add all of this together and you have a tough day for oil and gas companies.
Now what: There isn't anything specific driving SandRidge today, so I wouldn't run out to sell shares right now. If you're bullish on oil going forward, you may just have to hold tight until we get more clarity about how long the economic recovery will take. Long term, I think oil and gas companies will be fine because the world is still driven by oil and the black gold will recover when the economy does.
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At the time thisarticle was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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