that is why FCX is hanging in and also the blockade was lifted in Indonesia yesterday. So both positive. Cut in dividend is to preserve cash and once oil stabilizes FCX will move again. So all this is noise in the short term. Stocks go up and they go down so time your buying and have patience.
Refinery strike and Euro weakness. If you look at the technicals its almost bottomed, maybe 37 and then back up a couple points to 39-40. Divident is still 60 cents per qtr which is excellent. Just enjoy the ride up when brent recovers which will be shortly.
If it were to crash it would have dumped in after market close, like Citi jumped from 52 to 54 BAC dropped from 16.11 to 15.86, MAYBE it might hit 15.51 tmrw but I think it will run up to 16.50 - 16.75. There was nothing negative the Fed said and when they give the Fed the new plan by Sept 30 the stock should be in the 20ish and will run to 25. So shorts just cover and run for cover.
BP just has too too many assets, and its buyout value is probably close to 85-90 bucks a share. The buyer has to be someone like shell or exxon or chevron somebody with muscle. Exxon would make a good partner as well since both are in Russia together.