>>>>>>I'm reading still large packets being unloaded:
>>>>>>on the mass sold between 8:00 and 8:15 the dip betwen previous day
>>>>>>and the spread for the rest of the day is more than pocket change...
>>>>>>
>>>>>>But it is coming nicely into the area where one can wait for a few years and still get a nice average return ;-))
>>>>>
>>>>>We're bouncing back nicely here in the States today. BP finished strong, up 12.8% and very close to intraday high.
>>>>>It should be noted that yesterday's low of $29, was a bounce off a fibonacci line using the 1992 low. 18 years in the making!
>>>>
>>>>Just a few minutes to see if another bulk package will be unloaded after opening up for the day.
>>>>Wonder how many daytraders have picked up on thsi pattern and are gambling on it...
>>>>
>>>>regards
>>>>
>>>>thomas
>>>
>>>It's 9:41pst and something, I'm not sure what exactly, but something is happening. On the open it headed down to 29.85 with the Congressional grandstand party, His Obamaness' pending Oval Office address to tell us weeks later how in charge he is and the pending dividend announcement. That made sense. About an hour ago, the stock shot straight up to 32. It now sits at 31.50.
>>>
>>>SET HEAD SCRATCH ON
>>
>>Perhaps following in London as well might give you more ideas. While I agree that fundamentally the spill fallout cannot
>>come even close to the sums already lost on the market, any rise would translate into more posturing from Obama.
>>And if you look at the volume since end of April, it is staggering.
>>
>>So I don't think we have seen the bottom yet.
>>
>>regards
>>
>>thomas
>
>I'm 50-50 regarding whether BP's hit the bottom. I've been reading a lot regarding their options from gradual payouts, selloffs, subsidiary bankrupcies with possible buybacks to takeover. BP is so large that they have vast options they can pursue.
>
>BP quickly announced this morning that they'll agree to the $20 billion escrow fund.
>
>This puts me at 50-50 on the upcoming dividend as well. The $20 billion set aside may be the trade off for Obama to not criticize the coming $10 billion dividend. It may also be used to prepare the shareholders for a deferral until next quarter due to the immediate cash expenditure.
>
>Update : BP agreed to pay into the fund $3 billion in Q3, $2 billion in Q4 and $1.5 billion/quarter until the $20 billion is paid.
>BP opened down 4%, recovered to even around 9am, in the last 1/2 hour is up 4.75%...

Update 2 : 1Q dividend suspended and remaining 2010 dividends have been cut. To be re-assessed in 2011.