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BP - Forgive & Forget?
Posted On Tuesday, July 6, 2010 at at 5:27 PM by Finance Fanatic
I said last week that soon we would see an opportunity to re-enter BP as the stock has taken a huge beating throughout the oil spill clean up fiasco in the Gulf. Well, today, we saw it jump nearly 9%, as they announced that they are a week ahead of schedule in their clean up efforts. In my opinion, for the most part, BP has endured and absorbed most of the bad media from the spill. I see nothing but upside for them at this point of time, and that was reflected in their stock price today. At the end of the day, they are still a massive oil company. Let alone they are at risk of a buyout at this point as well. BP may bounce around as the clean up continues to go on, but I see a lot of upside from this time forward.
Trading was mixed throughout the day today, as news continues to come in both good and bad. Many feel that retailers are having a good month, however, home prices are coming in sluggish. We are also entering in an interesting time of the season. Historically, retail sales tend to be down for the next couple months until back to school and energy prices tend to tick down due to weather. Considering the recent resistance we've seen in markets, this may not bode well for Wall Street.
UNG has been on my radar as an overnight play. Lately, it has consistently trended as a day trading play, by starting high at early morning, only to close much lower. As this trend continues, I plan to play it rather aggressively as to take advantage of some of those short term gains.
Technically, this market is on the verge of selling, however, we know that technicals have been lying as of late. I still like to stay on their side. There are a lot more reasons to go short in this market than to go long, and I expect to see us well under 10,000 for quite a while. Happy Trading.
BP made a big mess alright.
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