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Time to Cash in on the RIG Bounce?

Those who took my advice to buy Transocean (NYSE:RIG) at $52 can now get out with a 5% profit. The addition of the Swiss based company’s shares to that country’s stock index created a temporary boost as funds loaded up to track their benchmark. You didn’t know that denizens of the Louisiana bayous ate cheese fondue for dinner? RIG was one of many US companies that fled overseas years ago to escape taxes. Of course, the way to make 5% is definitely not to lose 21% first. The entire BP story is generating more tape bombs than any other in recent history. So if the current is too strong for you and the pool too deep, here is your chance to bail out. Stock prices don’t have much to do with fundamentals these days, anyway. Of course, I still think the stock is a steal here. But for many, it will be better to troll less troubled waters.