yes. you raise a valid point and that concerns me. still in all, that is why i am holding. the stock buyback, the yield, and the promise of a favorable decision in New Orleans. actually, the earnings were not too bad either. dang, let's call this a "buy".
Heck yeah hold this puppy. And get paid 5% ....um No Brainer? With BP refining going off line for a bit (maintainence) the supply will fade and price action will get hot again sending the barrel over 90+! This stock is currently trending down look at the 1yr chart. It SHOULD head towards $40 where you buy more, and hold at 5% Div Yld. That's what Pension funds are doing, which is why BP is a major holding in some of the biggest Pension funds out there! Solid company, tons of cash...it's like a crack dealer with no rules saying when to stop dealing. As long as F, GM, and Lobbyists are breathing....BP will continue Pumping (My wallet full o'cash!)
There's that weak link in the argument of the longs again.
Did you know there are 2,200 new lawsuits filed, none of them "in New Orleans"? Do you really think those just disapear like in a 3d world country.
Once the BILLIONS in penalties is announced BP will have to announce divident is being suspended like it did in 2010. You can bet on it. Thats when the bottom drops, along with the jaws of so many longs.
Better get on the right side before it's too late!