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Posts Tagged ‘cap leak’

BP Abandons Top Kill; More Images; Failed Politics and Policies; Can BP do Anything Right?

BP Abandons Top Kill; More Images; Failed Politics and Policies; Can BP do Anything Right?

Courtesy of Mish

Gulf Coast Struggles With Oil Spill And Its Economic Costs

It’s back to the drawing board. BP has given up with the idea of sinking mud, golf balls, tires, and other junk into the well to plug it. Top Kill is officially dead.

Bloomberg reports BP Abandons ‘Top Kill’ Plan That Failed to Cap Leak.

BP Plc said it will switch to a new strategy to cap a leaking oil well in the Gulf of Mexico after a three-day effort to stop the flow with a blast of pressurized fluids was unsuccessful.

At a press conference today, Doug Suttles, the BP executive in charge of the spill response, said the top kill strategy didn’t work. BP will now try a containment device known as a lower-marine riser package cap, Suttles said.

Oil from the spill may have spread underwater for 22 miles toward Mobile, Alabama, researchers aboard a University of South Florida vessel reported May 27. Initial tests aboard the Weatherbird II show the highest concentrations of “dissolved hydrocarbons” were 400 meters (1,312 feet) below the surface.

BP plans to install the new blowout preventer on top of the existing one, Suttles said. BP will then try to use the valves on the new blowout preventer to stop the flow.

“We’re still looking at a month before we get this thing killed,” Les Ply, a retired mud engineering consultant for the oil industry, said today in a telephone interview. “I think we’re looking at a week to 10 days to get this riser and cap in place.”

The new method, if successful, would stop the leak long enough for a so-called relief well to be drilled nearby and provide a permanent seal.

Crews are ahead of schedule in drilling a relief well and are about halfway to the end, with around 6,000 feet left to go, Suttles said. Completion of the well is still expected by about early August, he said.

Drilling on the second of two relief wells, which was temporarily suspended so that its blowout preventer could be available if the top kill failed, is expected to resume “shortly,” David Nicholas, a spokesman for BP, said today in a telephone interview.

BP’s costs from the spill rose to $940 million, the London- based company, the largest producer of oil and gas from the


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Zero Hedge

5 Things To Ponder: Rising Risk

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Lance Roberts of STA Wealth Management,

There are things going on with the financial markets currently that seem just a bit "out of balance." For example, asset prices are rising against a backdrop of global weakness, deflationary pressures and rising valuations. More importantly, there is a rising divergence between sentiment and hard data.

For example, on Thursday the Philadelphia Federal Reserve released their regional survey which showed that manufacturers are the most optimistic in the region in, well, ever. The surge in the "manufacturing" index from 20.7 ...



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Phil's Favorites

Nick Colas: Ten Signs You've Been on Wall Street Too Long

Uh oh, I was just driving in the car the other day explaining the three points about why one of the only worthwhile country songs, The Gambler, actually applies to everything in life from 1) the stock market (obviously) to 2) relationships to 3) career moves. My favorite observations are in bold. 

Nick Colas: Ten Signs You’ve Been on Wall Street Too Long

Courtesy of 

Nicholas Colas pens an opus this morning, out of nowhere. He’s clearly feeling introspective today…

***

After 30 years in and around Wall Street, I feel like damaged goods.  That&rs...



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Chart School

The Big Four Economic Indicators: Real Retail Sales

Courtesy of Doug Short.

Note from dshort: With yesterday's release of the Consumer Price Index for October, I've updated Real Retail Sales for October.

Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. This committee statement is about as close as they get to identifying their method.

There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process. They are:

  • Industrial Production
  • Real Personal Income (excluding Transfer Payments)
  • Nonfarm Employment
  • Real Retail Sales
  • ...

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    All About Trends

    Mid-Day Update

    Reminder: David is available to chat with Members, comments are found below each post.

    Click here for the full report.




    To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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    Market Shadows

    EZCH - Not So EZ Year

    EZCH - Not So EZ Year

    By Ilene 

    After a disappointing quarter and some probable tax-selling, EZchip might be a good turnaround for next year.

    So I'm thinking we'll sell a stock or two out of Paul's otherwise neglected Virtual Portfolio (check back) and add EZCH.

    ...

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    OpTrader

    Swing trading portfolio - week of November 17th, 2014

    Reminder: OpTrader is available to chat with Members, comments are found below each post.

     

    This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

    We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

    Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

    To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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    Sabrient

    Sector Detector: Investors make up new rules for their new market paradigm

    Reminder: Sabrient is available to chat with Members, comments are found below each post.

    Courtesy of Sabrient Systems and Gradient Analytics

    By Scott Martindale

    Investors in U.S. equities seem to have embraced a new market paradigm in which upside spikes come more swiftly than the downside selloffs. Remember when it used to be the other way around? When fear was stronger than greed? The market is consolidating its gains off the early-October V-bottom reversal, and no one seems to be in any hurry to unload shares this time around, with the holidays rapidly approaching and all. After all, there are bright blue skies directly overhead giving hope and respite from the early freeze blanketing the country.

    In this weekly update, I give my view of the current market environment, offer...



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    Stock World Weekly

    Stock World Weekly

    Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

    The newest Stock World Weekly is ready. Click here for the this weekend's reading and sign in with your PSW user name and password. 

    Picture credit: AnnaER at Pixabay. 

    ...

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    Digital Currencies

    Ukraine Central Bank Bans Bitcoin "To Protect Citizens" From Financing Terrorism

    If you would have supposed that Ukraine had enough problems to make banning bitcoins a backburner issue, you'd have been wrong. The rationale, "to protect consumers' rights" makes little to no sense... The other one, "to keep money in the country" makes more sense. 

    Ukraine Central Bank Bans Bitcoin "To Protect Citizens" From Financing Terrorism

    Courtesy of ZeroHedge. View original post here.

    The Hryvnia has collapsed to new record lows near 15/USD this morning. The Central Bank and bankers "agreed to keep UAH at 15-16/USD" but are &qu...



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    Option Review

    Yamana Gold call options sink

    Yamana Gold call options sink

    By Andrew Wilkinson at Interactive Brokers

    A four-year low for the spot price of gold has had a devastating impact on Yamana Gold (Ticker: AUY), with shares in the name down at the lowest price in six years. Some option traders were especially keen to sell premium and appear to see few signs of a lasting rebound within the next five months. The price of gold suffered again Wednesday as the dollar strengthened and stock prices advanced. The post price of gold fell to $1145 adding further pain to share prices of gold miners. Shares in Yamana Gold tumbled to $3.62 and the lowest price since 2008 as call option sellers used the April expiration contract to write premium at the $5.00 strike. That strike is now 38% above the price of the stock. Premium writers took in around 16-cents per contract o...



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    Pharmboy

    Biotechs & Bubbles

    Reminder: Pharmboy is available to chat with Members, comments are found below each post.

    Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

    First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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    Help One Of Our Own PSW Members

    "Hello PSW Members –

    This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

    Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

    http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

    Thank you for you time!




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    Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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