Last year, I did pretty well trading the stock of Transocean ($RIG); they were the operators of the oil rig that blew up recently in the Gulf. The actual oil well is leased by British Petroleum ($BP), who are legally liable for the cleanup. In my opinion, both stocks are greatly oversold. In the past couple of days, investors have dumped these companies’ stocks fearing the total cost of liability.
With that said, I’m looking to restart another position in $RIG…. not right away, but soon..
Anyways, here’s a pretty cool graphic showing the current problem, and how BP plans to stop the oil leak.
