It looks as if a bottom has temporarily been established for Transocean Ltd (RIG) around the upper 60's. I'm not exactly sure how this unfortunate oil spill will play out, so it could get much worse for RIG, however most news sources seem to be focusing on British Petroleum (BP) at least for the current timeframe. I have entered some speculative plays with some LEAPS and bought a large amount of Jan 2011 calls at strike prices of $125.00, $130.00, and even $160.00. I was able to get these options below fair value pricing according to the CBOE options calculator. If this stock recovers and moves in my direction, I could have some large upward price swings, which I look forward to taking advantage of.
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