An Intraday Reversal (BP)

Tuesday night news hit that a government investigation determined that BP had been spilling closer to 60,000 barrels a day in the Gulf instead of the 35,000 previously thought. This same night President Obama delivered harsh words for BP during his presidential address. The news was very negative for BP heading into today’s session. I started a short position after … Read More

Ten Mistakes by BP a Trader Should Never Make

1. No Exit Plan.  There was no exit plan for if the rig (RIG?) exploded.  Before every trade we must decide where and how we will exit BEFORE entering the trade. 2. Live to Play Another Day.  It is not definitive that BP is a viable company going forward even with 6.08 Billion in quarterly profits.  1) When will the … Read More