Less Supply of Chevron
Now, as well as this stock has done for us this year, I think there is still plenty of room to run.
We're buyers of a breakout above these former highs, and all the details of the trade can be found here.
Uncle Warren keeps taking away supply of $CVX. Now the company is taking another 20% of shares away.
All things being equal, what does that suggest for the direction of the price?
Our bet is that it continues to go up.
Clearly that's the bet that Buffett is making. And so is Chevron itself, for that matter.
When you match that up with the relative strength we've been seeing in Energy Stocks, what else do you need?
I'm adding to positions if this move can stick.
How about you?
Are you paying attention?
Or are you going to ignore these recent developments?
Chime in here and let us know what you think!