Transocean Ltd. (RIG)

[ogbull]

I'm a real oil patch man. WTI flows thru my veins. The problem for me now is the middle east, China, Greece, and the potential spike in the value of the dollar.

Is there gonna be a deal with Iran or not? The way it sounds, Iran is determined to have nuclear weapons and will do so regardless of any deal. What they want now is for the sanctions to end immediately so they can sign a deal with several oil majors to expand their oil production by 2 million barrels per day. But after the Petro dollars are rolling in, they will go back to developing nuclear weapons. The only fools at the table is John Kerry and his sidekicks. He's dealing with the devil thinking he will win. How stupid does it get?

China's stock market is entering bear territory and might even crash. If China slows, down goes oil demand at the same time Iran is trying to increase production. If this happens, the Saudis, arch enemy's of Iran, will open the floodgates and pump all out to crash oil prices. Isreal will not set still while all this is going on. They will attack first.

Greece closed their banks and stock markets. I don't understand their purpose in rejecting the deal they been offered. Obviously, the Greeks want to stiff their creditors, which ain't a bad idea. If it works, it could start a contagion in other financially weak countries around the world, like Italy, Portugal, Spain, and 10 other poor countries that are buried in debt.

It's 10 PM in New York and WTI has already dropped 82 cents and brent fell 72 cents in Europe based most on the expectation that the dollar might soar.

Gold is up $7. I'm setting in all cash and thinking about Gold mining stocks. I just don't like being loaded in RIG with black clouds rolling in from everywhere.