Plea-ing a COP

Stocks are strong again this morning. It looks at if last Thursday's Fed meeting was the kickoff to the rally. When they weakened their anti-inflation language, that was all the bulls needed -- as long as interest rates don't rise, the market should go up.
So what looks good? Conoco Phillips (COP) is incredibly cheap, as Robert Marcin points out on thestreet.com. It's selling for only a bit over seven times full-year earnings. Yes, they're going to get kicked out of Venezuela and their drilling programs are something of a disaster. But they can buy oil cheaper than they can drill it -- as with their Lukoil stake -- so they're not in terminal decline.