In and Out

Sold Transocean (RIG) @ $70 for a 6.5% gain. Will rebuy in the low $60s.
Sold Freeport McMoran (FCX) @ $118 for a 14.5% gain. Will rebuy in the low $100s.
Sold Lazard (LAZ) @ $39 for an 18% gain. Will rebuy around $35.

Moly, Transocean

Sold MCP @ 28.21 (30% gain) on Monday. Bought it back at 26.25. Huge, beautiful bullish reversal today with a long tail on heavy volume.

Bought back by RIG call late last week for a nice 30% profit. RIG is beginning to look overbought but I think oil is starting to break out and RIG may exceed 70 in the near term.

RIG Bonds

RIG Bonds, due 2013, now yielding 7.3%. Bought 5.

Position Updates

This has been a long time coming:

Sold half of my BP for a 40% loss.
Wrote a BP $20 July Put for $98.
Got assigned on my RIG at $65. You know where that is now.
Sold 200 AUY at $11 yesterday.

Two Long Energy Ideas

RIG, stop 54.70

OIH, stop at 72.5