As any reader of mine knows, GE has a great macro story and I am a very happy LEAP holder of that one. UPS is a play on the global economy and Berkshire's call makes me think the current dip is looking more like a consolidation for the next move up. COP scares me as I see it as an endorsement of high oil prices, but I suppose not so high as to derail the rest of the economy.
Berkshire also added 7% to its substantial holdings in superbank Wells Fargo (WFC) but sold shares in H&R Block (HRB) (who didn't), Home Depot (HD) (interesting), Iron Mountain (IRM) (perfect timing), Lexmark (LXK) (oops) and Sealed Air Corp. (SEE) (good call!).
Based on this, I will be taking up the GE Jun $35s for .45 as I need little reason to make that bet and the UPS Jun $85s for .25. I'm not touching COP yet but I will be very interested once oil hits bottom (hopefully not until $65).
WFC is overbought and I will wait for a dip but I'm very sorry I didn't pick them up at the same time we bought C last month (I picked one rather than spread the play).
If Buffet thought LXK was overbought in the mid $40s last quarter then I can't imagine what he would think at $52 and I am concerned about those $399 Dell color lasers anyway so let's go with the Jun $50 puts at .90 but getting out if they drop to .70 for sure!