Market Chasers

Portfolio Update: July 31st, 2008

July 31, 2008 – 9:20 am

With the recent steep decline in oil and natural gas prices, I’ve decided to add to my positions in Devon Energy (DVN) and XTO Energy (XTO). Devon and XTO, along with all energy companies, have been taking a beating in the market in the month of July due to this decline in oil and gas. I have no reason to believe oil and gas will continue to decline in price much longer so I’ve doubled my position in both of these companies. I’ve been itching to get into an oil services company, such as Schlumberger (SLB), but I’ve decided to stick with Devon and XTO primarily because Devon reports second quarter earnings next Wednesday, August 6th, and I want to remain in natural gas. I purchased Devon this morning at $94.78 per share and XTO at $47.30 per share.

-Justin Shade, marketchasers.com