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BP ADR Selloff Accelerates On No News
No notable news yet except for a bit in the WSJ that a seismic run testing the integrity of the well is currently in progress, and if it is found that the pressure in the well is too low, then BP may have to change its well capping strategy. If anyone has heard any other material news, please chime in. The other news seen is this bit from Fox News stating that Senator Lautenberg is now questioning ties between a BP oil contract and the released Lockerbie bomber. Lastly, just crossing the wires, is confirmation from BP that its contract to supply Iran air with jet fuel at the Hamburg airport, has expired.
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there is news out there, we just have not heard it...yet
I'll try find out, if you can spare a few dollar$.
I'll ask 'Johnny The Shoe-Shine Guy' from Police Squad what the word is on the street.
This damn little fella knows every damn thing.
http://www.youtube.com/watch?v=AsjybfVJBCM
Reuters is just breaking it:
"US officials have just determined that BP, Beyond Petroleum, despite its green, crunchy-sounding name, is in fact an OIL COMPANY, previously known as BRITISH PETROLEUM, and therefore evil. "I am appalled," said Admiral Thad Allen. "We had no idea."
Huggy Bear is a more reliable source...plus he has a better wardrobe.
Is the testing held up again or is it bad weather ? seeing some small signs of progress.
Prob. just profit taking....I'd be selling them had I bought in the high 20's now.
That right there is institutional selling, not retail, and they know something ahead of everyone else more than likely. Rumors going around that engineers involved in the test are saying the cap is a FAIL. But we all know, we will never get timely confirmation until the big boys have already unloaded their shares.
You mean the random walk theory, that all news is instantly disseminated and widely known and acted upon and thus stocks are always fairly priced, is wrong. Say it ain't so jkruffin, say it ain't so.
My CFP, CLU, CFA text books promised me this was how the market worked. They promised me, dammit.
FAMA = Feeble Attempt Market Association
Nice to see you around Howard. How are you feeling lately?
Exhausted. Just got back from a critical rescue mission for a very special little one in my life and brought her home.
Well then, for Gods sake, stay away from ZH. You won't get any sleep around here. Too many trolls poking you in the ribs. :>)
Nice you hear your mission was a success.
Exhausted? I thought that you were 'mad as hell and weren't going to take it anymore'?
+100000
They're just starting the pressure test. Not as much fun as rumors that report the results of something that hasn't been tested yet, but it's probably dumping/hedging jic after the run up.
Thanks Tyler
just technicals baby...it ran up into its 50DMA and the world shorted!
It should be due for a monster rip of VW proportions if thats the case. More likely the shorts have already covered , the bottom pickers are already long , and the institutions are still bleeding. Ergo , only way is down.
It has been up huge on no volume since Goldman was hired to prop the stock 2 weeks ago.
BP hired GS 6/14 BP around 29.00
GS does their capitulation shake out with friends a few days later to bring it to 26/27 and onward and upward since.
BP said, "hey lets get these guys that fix the markets to prop us up and prevent them from being capable of shorting since it would be a conflict of interest"
Wonder if BP hired GS to destroy the book of Mr. Simmons who had a sizable short position after his appearance on TV
Junk? WTF!
A Masterpiece McCloy...#1
The pensioners across the pond have been bailed out by the squid.... They don't call it gods work for nothing.
I guess whoever junked me doubts the capabilities and extent to which these men while collaborate amongst one another to prevent assets from deflating at any cost along with chancing the systemic risk posed by a BP implosion since it would mean the end of naked CDS trading. As if they have not seen enough in the past two years and the intelligence operation like execution using the media, lies and flat out influence in political legislation along with bribery. In case some have any doubt. Check out Mr. Paulson's latest purchase. He has come along way from groveling in front of the Senate pleading to stop the imminent rat meat sandwiches and martial law. Junk away ..me and my black helicopter are lifting off to the back of the funemployment line to see the growing size.
http://www.huffingtonpost.com/2010/07/12/henry-paulson-buys-aspen_n_6436...
And in case anyone is curious about BP share ownership:
JPM= 29%
Blackrock = 6%
Combined the Wall Street firms easily own 40% of BP
"Combined the Wall Street firms easily own 40% of BP"
I would wager that their ownership is going to be down considerably now that operation "squid lift" appears complete.
Operation Squid lift..ha thanks for laugh I need it.Brace yourself for the monstrous 20 point pull back in the Dow.
SPY $87.59 is my target for the SPY on this leg of the "new bull". ( one year ago today the spy started a rally leg from that level )
I farted on BP's face.
My bad....they have a gas leak. Not I. Not I.
BP news from earth media pay site: **BP Oil is now saying they have a new cap ready, and it will "stop the oil flow". Coming from sources inside BP's tightly gripped circle - and the word is: - this is a "lie". The cap will fail and the oil will continue to gush out. The only hope which still remains at 50/50 is the relief wells sometime in August. *** BP Con't Lies http://www.earthchangesmedia.com/index.php Who knows in mark to fantasy world of illusion here there & everywhere!!!
Don't worry, many of the holders of BP stock were able to get out thanks to the rumor mongering about Exxon having an interest in the company. I guess we'll find out later today whether they finally get a handle on the oil spill. The Lockerbie bomber story is a joke. Letting him out was an outrage. Now we find out that the whole thing is a sham and the guy is fine. Nothing more corrupt then letting a murderer out of jail in exchange for an oil contract.
The families must feel great about it.
You may want to research your opinion on the Lockerbie case a little. Start with the international observer's opinions of the trial. His name is Hans Kochler.
This from Wiki will get you started.
"In September 2008, following a meeting organised by the Lockerbie Justice Group at Greshornish House on the Isle of Skye, Köchler and Professor Robert Black called for a new public inquiry into the Lockerbie bombing.[15] Köchler said:
Bernanke is selling into strength...!
RIG and HAL are falling as well, it can't be a coincidence. I bet APC will follow suit shortly.
In case anyone still does not have a page for all spill cams (though the BP site itself now also carries all ROV feeds on one page), this one is lo-bandwidth - shows stills of each cam updated every minute:
http://data.plan9.de/akamai-bp-streams.html?
About the selloff -- would it not be just the inverse of the old adage - sell the rumour, buy the news? But yeah, I have not seen this volume in such a short period since 6/25-6/26.
these are all the live streams
http://www.jtnog.org/
They need to put up a plane cam that just flies around the GOM all day documenting the visible devastation for miles and miles.
I believe there is Navy blimp doing exactly that. Would not hold my breath waiting for a cam-feed from it, though.
The footage will be declassified in 100 years, maybe we can watch it then.
The Navy still has blimps!!!!!!!!!!!?
It's how Congress justifies spending currency on "Our Strategic Helium Reserve", in case Germany decides to resume Zeppelin warfare!
Some prince said he was interested in a "punt" this morning, maybe he changed his mind when he sobered up.
is it a rumor if a participant admits it?
Daily Mail
UK MP admits bomber release part of BP/Libya oil deal
http://www.dailymail.co.uk/news/article-1210000/Jack-Straw-dropped-plan-include-Lockerbie-bomber-prisoner-transfer-agreement-oil-deal-Libya.html
This really isnt "news". Anyone with 2 braincells to rub together knew that the Libyan Terrorist release was due to high level politics for energy rights. Whether it benefitted the UK as a sov state of BP as a corp entity (one and the same) is irrelevant. I fail to see the big deal..... its no different to occupying Iraq and Afghanistan. If you think thats about chasing a bearded friend of the family , ive got condos on florida swampland to sell you.
It's old news
My boss always told me "Don't set yourself up for failure" Has BP just done exactly that by broadcasting that this latest "cap' would solve all of the problems? When will they ever learn?
I'm sure the contract with Iran expired... as soon as the State Department found out about it... The Great Satan strikes again! Ha!
No news!?!?! Have you been living under a rock for the last 3 months? There is an uncapped well in the gulf.
Now as for day-to-day volatility, what do you expect? 5% up, 5% down is noise.
Anyone just notice the dumping across the board on their trade desks?
It's 1:17 EST btw.
Dunno - sitting here watching red candles form on TOS. Looks like someone turned off a switch (on Ben's perpetual motion machine).
Fuck It! Deleted!
Expect a big outside day
As warned about earlier, DOW/SP500 remains bullish for now ...
http://stockmarket618.wordpress.com
Ohnoes. No want wants Euros now. Hmm, did some market somewhere just close?
Just a technical level to take profit/short.
Iran is cutoff from kerosene by Shell and now BP.
The Nazis were cutoff oil which some historians argue was the real reason for war.
The noise is getting louder. War is imminent. Iran is getting desperate. Ask the ports around the Middle East that are no longer allowed to ship any goods to / from Iran.
Just to be clear folks. We are starving the people of Iran because their government is investing in nuclear technology and supposedly building nuclear weapons for which there is no proof (yet).
Iran will be put on the edge where it has no choice but to fight its way out. The people of Iran which may have been in favor of Western democracy will tip and support the regime because they are starving.
Who's fault is that?
Walk, you assume they will support the regime in Iran. The French monarchy starved the population in the late 1700's and we saw the result with King Louis XVI and his cronies, 4 million dead and a collapsed regime.
Furthermore, are you suggesting that there are more people in Iran than the country can itself feed? If so, who the fuck's fault is that? I have zero tolerance for countries that breed beyond their capacity. The earth already has 10 times more people than it should have; nothing justifies Iran having all those children and the developed world should go to war with them on that basis alone.
Iran has no problems feeding itself. It
has plenty of energy to take care of its
population and has a pop density / sq km
of only
Iran 45.017The "developed" world with meager
energy resources has pop densities/ sq km
as follows ---
Germany 229.348 United Kingdom 254.676France (Metropolitan)
113.859http://en.wikipedia.org/wiki/List_of_countries_and_dependencies_by_popul...
http://www.inference.phy.cam.ac.uk/withouthotair/cJ/page_338.shtml
The French monarchy was the sole culprit and everyone knew it. If they could have blamed some satanic enemy and its "sanctions" for shortages, the people would have rallied round the flag to defend their country (and its monarchy).
Karl had his punters piling into BP calls, and so I would guess this is profit taking and
a skinning of the option sheep.
Here you go!!! BP's DIRTY DEAL secreat deal with Lybia release of LOCKERBIE Bomber!!
http://www.youtube.com/watch?v=XDXzkvu25M0
You, also may want to do a little investigating.
http://www.mg.co.za/article/2009-08-30-lockerbie-drowning-the-facts
As I said, expect a major outside day
Here is some news that can explain the drop:
http://www.salem-news.com/articles/july122010/gulf-nighmare-ta.php
Don't worry. Godzilla will stop them.
chatter on the news wires:
Tuesday, July 13, 2010 12:07:16 PM
British Petroleum plc - Hearing recent weakness attributed to speculation that the testing of the well may show pressure too large to be capped
A random piece that could be interpreted negatively if taken out of context -- the BOA_DEEP_C_ROV1 - conducting a mission labeled 'Pressure Integrity Test' was showing a pressure gauge on the new cap labeled 'LATCH'. The pressure gauge was filled with oil, with droplets pushing out from behind the glass cover, into the ocean. While I am sure there is a perfectly benign explanation, or this may have been expected, but it was fascinating to watch, nevertheless.
And it's back up.
My guess is someone had too much to sell in London so used the ADR - the selloff started just as the London auction closed. Then on the close, with a bit more volume, it comes back to where it was. Case closed, IMO.
The strike price for Option expiry is 32.00. Simple.
Hi Tyler, The best place for technical and uptdate Spill chatter IMO is: http://www.theoildrum.com
@vamp... "The French monarchy starved the population in the late 1700's and we saw the result with King Louis XVI and his cronies, 4 million dead and a collapsed regime." .............
It was an Icelandic volcano that erupted for two years and destroyed most of France's crops that was one of the biggest causes of French starvation...
http://blogs.discovermagazine.com/80beats/2010/04/16/icelandic-volcanoes...