Just went long COP as a long term investment. I was looking for a play on the BP news, this is what I came up with- too much uncertainty around the oil spill to go long or short BP.
Look at ATPG. It just took a dump after the oil spill news. They do a lot of drilling off shore off Texas and Louisana. Its down like 20+% from when the oil spill news came out. It could be a good short for this year.