Sold ATPG at $9.75. Loss…too much. Should have sold last Friday. With BP screwing around and failing at the “Top Kill”, Oil truly is the dog of all the sectors. However BP’s latest idea of cutting the casing off and putting a pipe over it sounds a whole lot more likely to work. It too won’t be a walk in the park though. Bet they are wishing they had paid attention to the warnings signs they had of a blowout.
ATPG’s chart above looks ripe for a turnaround, but if you look at a multi-year chart you would see that they could fall alot further and with BP saying they may not have the well capped before sometime in August, that’s alot of time to keep on dropping.
Actually, I should never have bought ATPG. There hasn’t been anything worth buying and I got bored. I’ve been in cash only for what seems like forever. Guess it’s back to boredom and wait for a push to the upside. My thoughts right now are to buy and sell TNA above or below the 17 sma line for the summer at least (if it ever turns around).
