Spotlight is on oil as APC Apache (correction Anadarko Petroleum) announces two major mergers today. APC is down on the news. CNX Consol Energy is being added to the SP500 index at a yet to be announced day. CNX stock leaps on that news and the positive aura of takeovers. SIX Six Flags rides the rollercoaster down on disappointing guidance and lower theme park attendance.
I am looking to buy more stocks. My VLO position is down to delta 10 (moves 10% as fast as the stock moves) because it is well in the money. Rather than try to roll up the VLO call, I am content to leave well enough alone for a smallish profit. BAB British Air got hit yesterday on news of a price fixing investigation. Other airlines escaped untouched, but usually it takes more than one airline to fix prices.
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