Replies to post #803 on General Stock Ideas

[gfp927z]

BP went back into free fall mode in the last several minutes. I'd stay away unless you're a day trader. BP is going to have big problems going forward. Chartwise, I'd bet $31 doesn't hold, and next stop looks like $26-27 area. Just a guess though.

[gfp927z]

Vilhiem, BP was actually under 30 back at the 2003 lows (bottomed at 26-27 area).

There *should* be some support around 31 area (the 2009 low), and it might conceivably have a bounce there (currently 31.4), but after any bounce I'd bet that 31 ultimately doesn't hold.

[gfp927z]

Vilhiem, So much for 31, next stop 30. Whoops, hit 30.

20s anyone? Wow, crazy action.

[scstocks]

BP is getting creamed as much for the risk to their, now 9% dividend, as much as the risk to clean up/containment. Without the dividend it becomes a pure growth play, and it is pretty big now.

Extended family sold ours a couple weeks ago at 44.97, and are glad we did, been holders for years/decade.

We are just generally risk averse at this time, but can see how the attraction of such a large cap name selling at historically low levels would be tempting.

GLTU