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New Entry on Canadian National

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Changes on CNQ and RIG

We have seen a monster drop in crude prices over the last two days but there has not been a corresponding drop in energy stocks. Today most stocks were up when oil was down another $3. Maybe the energy volatility is about over with strong support at $90 on the January contract.


CNQ - Canadian National Resources

We were stopped out on Canadian National (CNQ) when it fell below $70 on Monday morning. It appears to have found a bottom at $66 and the 200-day average. I want to reenter the CNQ position at tomorrow's open.

Buy 2009 $90 LEAP Call OKR-AR currently $5.50


RIG - Transocean

The Transocean - Global Santefe merger was completed on Tuesday and the combined stock trading under the symbol (RIG) only gained +.63 cents today. We did not see a sizeable adjustment in the price of RIG even though there was new stock issued and a $15 billion payment to shareholders. I still believe RIG will correct from its post merger high so I am holding off on an entry for a couple more days.    

Leaps Trader Intra-Week Blog Archives