Wall Street Crack

For Those Addicted to the Wall Street Game

Posts Tagged ‘RIG’

Transocean celebrates ‘best year in safety’? $RIG

Posted by Dino on April 4, 2011

If this had been released on April 1st I would have thought this was an amazing April Fools joke….

From Politico

Transocean, the company that operated the ill-fated Deepwater Horizon oil rig that killed 11 people when it exploded last April, is so enthralled with its safety record that it’s paying bonuses to its executives.

In a filing with the Securities and Exchange Commission, Transocean acknowledges the loss of life and the Gulf of Mexico oil spill, but otherwise gives itself a pat on the back.

“Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate (‘TRIR’) and total potential severity rate (‘TPSR’),” Transocean wrote. “As measured by these standards, we recorded the best year in safety performance in our Company’s history, which is a reflection on our commitment to achieving an incident free environment, all the time, everywhere.”

The Wall Street Journal reported the SEC filing on Saturday. The paper noted the rate of incidents per 200,000 hours that employees work, declined 4 percent from 2009, and the potential severity from those incidents fell by nearly 15 percent.

A Transocean spokesman told the paper: “The statements of fact in the proxy speak for themselves, but they do not and can not adequately convey the extent to which everyone at Transocean is keeping the families of the men who lost their lives at Macondo in their thoughts and prayers as we approach the first anniversary of the incident

Read more: http://www.politico.com/news/stories/0411/52463.html#ixzz1IZ4zM7Ec


Posted in Market | Tagged: | Leave a Comment »

Trade Review: $RIG

Posted by Dino on December 16, 2010

RIG was a trade that I wanted to keep a tight leash on since there was still a good chance of issues popping up with the Deepwater Horizon disaster.  RIG broke through  resistance on 9/27 and pulled back to retest on 10/4 and I long on near the close.

Peeled off half right around while making new trade highs and was looking for a re-test of previous support near 78-80.  I really didn’t like the way it traded after the Justice Department announced its lawsuit on 12/15 so I closed the position for a 13.7% gain on the trade.

Posted in Market, Trade Review | Tagged: | Leave a Comment »

Remember: “Cash IS a Position” – Brian Shannon @alphatrends – Sold $RIG & $BIDU

Posted by Dino on December 15, 2010

Some momentum names have been selling off the past week or so and I’ve pulled some positions such as RIG and BIDU.  Took profits in both.  Not as much as I could have in BIDU but it wasn’t a loss.  I don’t like the way some leaders have been trading so I’m raising cash until I can make sense of some of the action.  ACTG has dropped quite a bit and came with in 3 cents of my stop loss that I raised up today.  I don’t like the pull back but am being patient with this one and stop has been raised to below today’s low.

As @alphatrends says “Cash is a position” and builing my position in cash until I see something I like better.

Posted in Market | Tagged: , , | Leave a Comment »

Sold Half $RIG on Thursday

Posted by Dino on December 4, 2010

RIG finally popped out of it’s wedge and provided me an opportunity to take some off the table for about a 12% gain and raise some cash.

ATPG finally came out of it’s shell and started to make its move.  Looking to unload half near $17+

Posted in Market, Uncategorized | Tagged: , | Leave a Comment »

Drop and Chop w/ a twist of Reversal & Breakout $SPY $ES_F $RIG $ATPG $IGOI

Posted by Dino on November 29, 2010

What looked to be a potential rally day today turned into a drop and chop today with almost picture perfect bounce off the 50 day SMA for the $SPY.  Many buy orders were sitting there waiting to pounce and they did just that.

While the bounce was very nice and it may have saved us from a precipitous drop in the short term, we are now back into the range bound area of the past 2 weeks. So……what now?  Recent history tells us that we should expect a rally between now and Christmas.  @ChessNwine wrote a somewhat succinct piece on the same time period for the past 8 years and if history repeats itself we should be in for a bit of a rally into the new year.

With the exception of BIDU, most of my holdings had at least a decent day.  IGOI broke out again today on tremendous volume.  RIG and ATPG ended the day with very respectable gains.  And while DFS and ACTG were down most of the day they climbed back to be nearly flat which is a positive in my book.

With a slew of relatively substantial economic releases to come over the next week I would expect us to stay range bound for a few days in the general market with the exception of Oil and Oil related equities.  The entire industry appears to be ready for a break out and rising oil prices may be the impetus for the break out.


Posted in Market | Tagged: , , , , | Leave a Comment »

$RIG – Pain in the Ass

Posted by Dino on October 7, 2010

Right now RIG is down a little over 2% on the day but it is at worst a pain in the ass.  I got a good entry near support at $62.80 but was expecting it to move around prior to breakout so I sized my position accordingly.  I bought less shares so that the total amount of money risked is within my risk parameters.  RIG is pulling back again and testing the trendline but the positive thing is that the volume is currently anemic.  Currently it’s traded just under 2 million when it’s average daily volume is near 8.4 million.  I believe there is little conviction in this pullback and the price could pop back up very easily.  That being said, I don’t make money on volume.  @alphatrends is absolutely correct in saying that “Only price pays” and if it does continued to drop back into the channel before the pain in the ass turns in to a kick in the nuts.

Posted in Market | Tagged: | Leave a Comment »

%d bloggers like this: