I’m buying back a small fraction of the…

I spend a lot of  time trying to look past the headlines, as you guys know, because I think the headlines are usually misleading, stupid half-truths.  At best, the headlines can tell you what is already priced into the markets.  At worst, they’re used as propaganda.

Anyway, today’s headlines and requisite explanations of today’s intraday stock market rally are actually pretty accurate:

MARKET SNAPSHOT
Deals bring out the bulls
U.S. stocks extend two sessions of gains with a solid, broad-based advance. Google’s a modest decliner as investors digest Motorola Mobility deal.
• Focus stocks: InterDigital, Estee Lauder, Zagg

I do think, as I noted earlier, that this Goog-ola (Google+Motorola, right?) deal is a big deal-ola.

I’m buying back a small fraction of the Google calls that we’d originally bought back when the stock was even lower than the price after the crash the last couple weeks.  I’d sold almost all of those calls back when it was over $600 a share and we had had that huge run in our portfolio.  (It’s time to do some selling of some of the now hugely outsized position we’ve got in Google...)

Specifically, I’m buying back Google calls that are 10-20% out of the money dated early 2012.

No rush, and no idea if this Google will find legs in the near-term after this deal as Wall Street tries to figure out exactly how it’s going to impact both earnings and strategy for Google and its Android operating system.   But I do think there’s an opportunity to start scaling back in to the big engine of search with the stock symbol GOOG while it’s here in the mid $500s again.