Sold all my BP today at $46.12. Reasons:
1. This is more a macro decision, than a sector or company decision. When oil went over $90 last year, I started selling my long positions. BP was my last one. I was buying on margin in late 2008, but today I am almost all cash, only holding some small ST short positions.
2. BP has stopped going up, while the S&P500 sets new bull market highs. While most energy stocks bounced at their 50dma in March and April, BP made a double top in January and March, sank below its 50dma, and has failed repeatedly to get above that line.
3. The rebound from the spill lows is in the stock.
4. I've become convinced that, for the LT, there are better companies to own in the energy sector.
5. After following the company closely for a year, and reading most of the posts on this board, I realize how little I know about the energy industry. It probably makes sense for me to buy an ETF (like XES, rather than trying to pick individual oil service stocks).
6. I've learned a lot from this board. Sometimes I've had (too sharp) disagreements with some posters here, but I've learned from all of you. Thank you. It's always been interesting, sometimes entertaining, and very profitable. Thank you again.
OT: I hope it's OK to occasionally post OT short ideas. I'll always label them OT, so those not interested can skip my posts. |
