Gaping Hole BP Stock Holders Hope You Won’t Notice
A enthusiast writes in to find out if I would have an update on BP. In the previous month I had a supporter write in that sought to buy BP at 40. I said no way. At present BP trades at $35. I hope he listened.
From a fundamental view point BP is no longer a buy. Oil is a very hazardous material. You are no longer even permitted to throw oil on your property or to even chuck it in a garbage can. You need to take used oil to a special certified hazardous waste collection place to dispose of it. Oil causes cancer. Oil has caused mutations in insects and birds. Oil is so toxic that it causes skin rashes and can damage the lungs just by sucking in air.
There are going to be lawsuits against BP for the coming 25 years. Local families are going to win millions of dollars in damages against BP. Even the EPA is alleged to be looking on a upper limit fine against BP of $7,600 per barrel of oil spilled.
We might see BP split itself into a new corporation and allow the BP as we now know it, to smash into and burn under the monetary obligations they will have for the next 25 years. Why not have the bosses of BP form together to create a new oil business that will be immune and sheltered from any court challenges and fines related to the Gulf Of Mexico oil spill. They have almost certainly by now considered such a realignment.
This is only just starting. I imagine BP to have to give hundreds of billions of dollars worth of damages.
From a stock chart standpoint, BP has had nothing more than a good recoil within a greater downtrend. Anyone needs only to look at the monthly stock chart to grasp just how dismal this most recent upward move in BP stock has been.
Look at BP like you would a date. Are you that hopeless for a long play that you need to look at BP? You propose to tell me that you can not come across any better looking uptrending stocks in uptrending sectors to buy? You need to acquire a superior stock screener if you just answered yes to that.
I understand. We just can not seem to get over our own self-worth.
Each person likes the concept that they could make a ton of money out of the BP tragedy by going long BP when everybody else was still cursing this company out. Correct? You, like Chuck Norris, were the single guy who had the courage and the acumen to go long BP when everybody else was running in terror. You and you alone saw the prospect that in actual fact existed when BP sold off. You were the only gentleman in the room that was bright enough and that truly understood the stock market good enough to buy BP right now.
Most arrogant SOBs wash out of the stock market in less than 5 years. Do not be arrogant. The stock market is not the place to express your egoism or to try and prove that you are smarter than everyone else. That’s a good way to lose all your money. The only logic for why to trade in the stock market is to make money. Anything else than that is folly.
In this video I give you my view on BP and anyone who thinks this stock is a good buy right now.