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Weatherford Is Heading Even Lower; Two Other Oil Stocks to Buy Instead

It bears repeating: Successful long-term investing involves not just picking winners, but learning to avoid those dangerous stocks that can take a big bite out of your returns.

When a well-known company plunges, some investors are tempted to pick up the shares, reasoning that it must be due for a rebound. Sometimes you can make money this way, but you have to look hard at the fundamentals. In many cases, the company has not yet hit bottom.

A few readers have inquired about Weatherford International (WFT) , which we put on this dangerous stocks list a while back. The warnings were correct: Weatherford fell more than 30% last week after a particularly abysmal earnings report.

Sorry, but it's too soon to say Weatherford has turned the corner. If you own any shares, you should sell before they fall even more.

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks with serious upside potential. See them FREE for 14-days.

Oil prices remain perhaps the most volatile factor in the complex global economic equation. After a huge drop, fuel prices had been trending upward for a while; you may have noticed the change at your local gas pump. But things took a...