(05-09-2019, 10:55 AM)vbin Wrote:(05-09-2019, 10:48 AM)fenders53 Wrote: Opened a position in XOM. Might as well get in before the dividend. That's enough oil now.@fenders53, can you share your thoughtsbfor buying now?
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Sure, I'm a little under invested in oil at the moment. I already own CVX and BP. I almost always have a covered call or put sold on at least part of my oil position(s). Oil is an income play for me. I just try to not get myself forced in when it's clearly too high. And I am OK sitting on all of my oil positions for years with the fat dividends I think are safe.
On a side note I have no fantasies my oil stocks will suddenly run up 15% from here. And another side note I think oil is a bad DGI idea for the longterm, which makes it a bad DGI pick (just my opinion of course. Great current div? Yes, that is why I am here but will never have a huge position and expect longterm div growth. They are always just a few years from the next down cycle and they get scarier every time. Too much leverage other than the majors, which still have their share.