I've received a ton of emails and questions about when the best time to jump into a $BP trade would be. While I cannot provide specific investment advise, I can talk about what I personally am looking for before I would enter a position in my own account.

I am not going to jump into any positions until we see price reach the $34 area. We have seen a slight rebound lately, and there might be some divergence that is causing us to not make it all the way down to $34. Did I miss the play? Possibly. Only time will tell. But that is where I want my entry to be, and if price isn't going to push that low then I will just brush off the trade and go find my next trade.

Click Chart To Enlarge

Click image for larger version Name: 060310BP..png Views: 108 Size: 66.7 KB ID: 45

Remember there is never a need to force a trade. A lot of folks think the oil spill is a once in a lifetime chance to get BP stock for cheap. While this may be the case, I can guarantee that everyday there are great opportunities in the market and missing out on this one trade because it doesn't do what I want it to do will not hurt me in any way.