West coast here. We're just getting into our offices. 8:38 AM. What a nice surprise. Fear not - there's very little reason to sell and a whole lot of new reasons to buy today and in the future. Institutions and hedge funds will start loading up.
Stock price response could be delayed (people are still digesting the news). I had similar experience recently with BCRX. When they announced good phase I result for HAE drug, its stock price only bounced up 20 cents (from $1.7 to $1.9) and stayed there for 3 days, then over the next two weeks, it skyrocketed to $6.
Got to remember 35 million are not covered yet and hedge funds will keep the price down and let profit takers minimize their take on selling too soon. The stock will keep going up going forward so be patient and buy more on dips.
Patience before result, patients after results. The selling will soon dry up. Manipulation at it best. I would bet there are a good portion of the shorts that are institutional and MM will stroke. It will be in the 12's by weeks end. Sooner if news from conference call is optimistic of near future relations with BP.