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Oil Well May Not Be Stopped Till August. Time To Buy Some Of The Battered Energy Stocks?

|Includes: BP p.l.c. (BP), DO, RIG

US government and British Petroleum warned that the blown-out oil well causing an environmental disaster on the Gulf Coast may not be stopped until August as the company began preparations on a new attempt to capture the leaking crude. And to add up, hurricane season begins Tuesday.

This is the state of mind of the fishing community over there:

I was just sitting here thinking our way of life is over. It's the end, the apocalypse," said fisherman Tom Young of Plaquemines Parish on the coast. "And no one outside of these few parishes really cares. They say they do, but they don't do nothing but talk. Where's the action? Where's the person who says these are real people, real people with families and they are hurting?

Maybe the bottom is near for BP plc (ADR) (NYSE:BP), Transocean LTD (NYSE:RIG), Diamond Offshore Drilling, Inc. (NYSE:DO) and other oil services stocks.

Speculators cannot wait that long to buy back these stocks. So probably they will sell off a bit more for a couple of sessions and then they will form a trading bottom and begin to move back up. That`s the way the market works.

Disclosure: No Positions (waiting for a further correction to buy)

Disclosure: no positions