BP slides again and triggers sale

Further falls in BP (BP.) were triggered today on fears that political pressure from the Obama administration would mean that dividend payments would be suspended or cut due to the impact of the Gulf of Mexico oil spill. The shares fell as low as 380p today, triggering a stop loss on a buy yesterday. This stock is certainly struggling to find a bottom having fallen from £6.50 since April and buyers seem in short supply as income funds divest their holdings. Contrarian Investor's attempt at bottom fishing on this one proved unsuccessful with a tight stop loss of 5% in place. However it seems conceivable that any further progress on plugging the Gulf of Mexico leak and further news on the dividend in July will finally put a floor on BP's valuation.