I’ve been watching my BAS position, along with the entire energy services sector, being thrown off a highrise all morning.

I don’t know why, but all of a sudden, economic contraction matters again. Let’s gloss over that the entire planet has been in an industrial contraction since mid-2010, uninterrupted, and that this is not news in the least.

Let’s ignore that demand for basic materials ranging from oil to metals has been channeling downward only sporadically delayed from momentary noise – for two straight years.

Let’s pretend we didn’t already know this was happening.

Because about a month ago, everything was fine. And now, right now, it matters. We just cannot go on.

“Did you know Italy’s economy contracted last quarter?”

Well gee, I could have guessed. Something about it also contracting every other quarter for the prior 8…

At any rate, BAS is being unfairly hit here. I’ve been through their books, and they’re trading reasonable. Even with broad slowdown, they’re basically in a position to absorb the shock. And they’re a survivor – I welcome industry consolidation because BAS will emerge the winner.

So I added to BAS for $11.31.

Cash stands at 10%