Bookkeeping: A Few Energy Purchases

This is quite a traumatic selloff, but once these momentum trades reverse, a lot of rats want to get off the same ship through a very narrow door. I said I would not believe this is a bottom until THE strongest sector (natural gas) got hit, and it appears I'm getting my (ahem) wish. I'm going to being placing some orders into the panic, into 2 service names and one natural gas name we began yesterday.

On the service side we cast Core Laboratories (CLB) to the side early this week [Bookeeping: Closing Core Laboratories] To compensate for that "position" in terms of sector exposure by finally adding back to National Oilwell Varco (NOV) which has not been in a major holding in a long while. It is still not a huge stake but we'll begin buying here in the $75s. There is no great reason to buy "here" other than the 200 day moving average is close below at $73, and we...