Below $30 this stock is a raging buy. Whoever sold it today will be wishing they had not done that in a few years. BP is a huge world company one of the largest companies in the world with an annual budget greater than most US states.
Just keep buying on the way down. Sell those upside calls on this stock because the implied volatility is through the roof on BP. You will feel good about this later.
It doesn't matter how much they are making. The damage that this will cause is almost equal to a nuclear explosion in a major city. Wait when the hurricanes blow all this oil deep inland. The damages of this environmental disaster is astronomical and more then even BP can overcome.
I agree that if you bought today and held for 5+ years you wouldn't regret it, but I also think panic will continue to drive this down until the hole is plugged and there's a pricetag attached to the cleanup. Might as well keep waiting to buy until it bleeds a bit more.
"You will Feel Good About This Later.."
Just like if you sold your SOUL to the Devil?
How can anyone 'feel good' about owning a stake in a company with absolutely ZERO conscience?
BP= BYE PENSION
This stock game is not about having a conscience. it is about making money. so many Americans forget how much corruption exists in other countries and are they uncognizant of the corruption and explotation of people and resources that are used to make a buck. This is about making money, and who has the money has the power. That is how it has been for centuries.
Look I understand there are a lot of guys on this board who smell blood in the streets and they want a piece of the meat. But you guys who think BK is a reasonable possibility are out of your minds. This is NOT Bear Stearn, AIG, Lehman, or GM.
This is one of the most profitable companies in the history of the world, and it will take a lot more than this to drive this to BK.
I'm not going near this equity on the long side. They are so badly damaged it ain't even funny. They might as well give it up, close shop and say they work for the U.S. Government. Because the way I see it setting up for them is that ALL of their earnings, going forward forever, can be considered garnished....
And there is no way out.