Wednesday, July 9, 2008

Rebalancing trades and an upgrade

I made several trades yesterday, including sales of some True Religion (calls 2.9% of portfolio). I still like the company, but wanted to raise some cash to purchase calls in beaten down names, including Noble (calls 7.7% of portfolio) and Alvarion (calls 6.7% of portfolio). The Noble purchase was intended to take advantage of yesterday's weakness to rebuild positions in energy. The sector rebounded nicely in the afternoon, and this morning some of that optimism seems to be justified, as Transocean (calls 6.7% of portfolio) got upgraded at JPMorgan. It's nice to finally see some analyst recognition of the sector's potential.