Random market thoughts
- Bought more GOOG this week, it is really really cheap here. I wrote a bull-case article for Wealth Daily on Tues.
- Re-shorted BP today @ $32.50 with a stop @ $36. Still holding some pure gamble 2011/12 LEAP puts at multiple strikes ($2.50 to $29).
- Bought XOM this week, partially as a pair to the BP short, but mostly cause it looks cheap and I needed more energy.
- Trimmed AAPL to near the bone, used proceeds to buy GOOG. Recent developments in China may look bad for Google, but I think they’ll be worse for Apple in the long run (labor costs set to skyrocket).
- Trimmed PGJ (domestic-driven Chinese ETF) a bit. Nothing against this China really, just finding other options more attractive and taking some profits.
- Bought Acergy (ACGY), a Norwegian offshore drilling services firm. Among other things, ACGY are some of the guys who run those ROVs hovering around BP’s Macondo well. Co. just merged with Subsea 7, which should work out well for both parties.
Anyone else got ideas? This market is obnoxious.
