Update on British Petroleum

A couple of weeks ago, I released a report discussing how I was able to get in on Merck for big gains, while virtually everyone else left the company for dead after the Vioxx scandal played out. /article_details-527.html

I used that example to give you an idea what you need to do to determine whether a stock should be bought after a catastrophe, and when to buy it (I show several other examples in The Wall Street Investment Bible). Finally, the article illustrates that you need to have an exit strategy in advance. It was a prelude to a report I would be writing for BP.

Despite the problems for BP, it is apparent that Wall Street has been unwilling to let the knife fall as much as it should. The support for BP shares (relative to the nature of the oil well leak and the uncertainty involved) has been overwhelming.