At what price BP?

Good news: BP found not guilty of crimes against humanity

However, on another note, they were found guilty of crimes against birds and fish. The court voted to feed the CEO to the sharks.

However, he escaped punishment when the shark died from ingesting too much oil before it could eat him.

After that the CEO went for a nice vacation on his $ million boat. His girlfriend turned to him and asked if he felt sorry for all the little people who could not go vacation?

He replied, well, they can just go eat fish.

However, in truth, you can't eat fish anymore since they are all filled with oil.

The moral of the story is that Taco Bell is cheap and tastes good.

The End. :-)
 
Quote from S2007S:

... keep in mind how many billions of dollars are tied to this one stock through pensions across the globe, this is not going to be good as this stock continues to plummet.
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And so, history repeats itself. Enron didn't teach anybody anything!
 
For the OP, I go with the basics of investing, playing the strategy that's profitable at any given moment. With the initial breakdown in late April, things weren't looking definite, so I went with a couple of strangles and straddles at 52 in early May.

Broke even on those in mid-May when BP dropped to 42 and have been shorting the crap out of it as well as piling on puts.

There's more than one way to make money in the markets other than just buy-low/sell-high. Pick the appropriate strategy that's profitable given the stock's movement right now. And that's down. So you want to short, not go long.

If you really want to only play one strategy of going long, why not pick something's that's profitable with that strategy, like AAPL, CRM, SNDK, VCI, VMW. Way, way better picks than BP.

Bottom-fishers get what all the other fish have already eaten and taken value out of...
 
Quote from DannoXYZ:
Bottom-fishers get what all the other fish have already eaten and taken value out of... [/B]
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Or

He who picks bottom, gets stinking finger. :)

Trend trade for sure.
 
Quote from kinggyppo:

short bp gas station franchisees, ouch. They are gonna get screwed
big time. Its hard to calculate the political risk here, staying away from bp, would invest in a proxy such as su, herc, etc. Plenty of risk to go around. If I had to invest here I would sell deep out of the money puts and pray for worse news. Hayward could not be any less animated, we know your english but show some fucking emotion, maybe Matt Damon could offer some acting lessons. :mad:
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http://www.barchart.com/headlines/story.php?id=369962
 
I reiterate my call that BP is a buy at 5 bucks...that is if it manages to stay in business. I would not touch it here and, in fact, would probably shorting it at this point.
 
Quote from retaildaytrader:

I reiterate my call that BP is a buy at 5 bucks...that is if it manages to stay in business. I would not touch it here and, in fact, would probably shorting it at this point.
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yeah, the stock's at 26.85 right now. If you short it, you'd make around a 600% return by the time it drops to 5. Much, much more profitable than sitting on cash waiting to buy in... and maybe losing it all as BP goes bankrupt.

BTW - how did you arrive at your target of 5? And what other indicators do you want pointing towards a long position rather than shorting more at 5?
 
A stock that once was in the high $70 if it were to get to $5 or below has a high probability of seeing $0 or at the least a long time coming before it would get back out of the single digits.
 
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