I traded it today and closed a gain although the gain was smaller than it was earlier in the day before it fell apart into the close. I wrote some more OTM puts that are far dated as well. I ended the day with a few thousand shares of BP but I can't say I really like it a lot at this level due to the panic with the shares that seems to have set in. It is not enough to be right you also can not be to early. As we have seen though if they can kick out some good news the stock will rebound and rebound quickly so the best gains will be had by those that time it out right. It would appear with the news hitting that a criminal investigation is taking place (did anyone think it would not be??? but the stock acts as if it is a big surprise) and with talk that BP might fold up the tent it would appear to me that we are getting very close to the bottom as stocks bottom on bad news not on good news in my opinion. While I have done real well with BP so far of course I could be wrong this time with it. I would think that Thursday or late Wednesday would be about right if the stock falls from here though. the latest attempt should be shaping up by Friday and getting in right before that may be better than getting in early Wednesday or in my case into the close today. Best to all going long with BP as it is never easy buying when the media says to sell....
Another easy 25% drop coming for bp if they cant get this next fix done, I think as long as oil continues to flow, bp stock goes lower and lower, they are already nearing a billion dollars towards the biggest man made disaster in history.
My question is, will they cut the dividend? If they don't, then I don't care wtf price they go to, I'm getting almost 8% dividend. I just don't know whether they will cut or not, to preserve cash. If they don't, this is a screaming buy for me anyway.