It's up now, just slightly, because of the testimony before Congress in which BP said they had not yet decided on deferring or cutting the dividend. What happens when they are sure, and they do indeed cut/eliminate/defer the dividend? All this "good feeling" evaporates and we test the old lows. Again.
There is no good news coming for BP. Only more pain, more lawsuits, and escalating cleanup costs. They "butched up" today with the word that they hired GS and Blackrock to protect themselves and explore options. Clearly a warning shot across Obama's bow, telling him that if he pushes too hard BP is prepared to push back. So far BP has done nothing but cooperate with U.S. demands. They've said time and again that they will pay for everything, Yet Obama still engages in his tough guy rhetoric, threatening to "kick butt". Maybe Obama should shut up and start working to actually do something positive. What is this - day 60 - and we're still waiting for him to lead?