If there is a bete noir presently haunting the markets, here it is, colored petroleum black.  The undersea monster that ate the gulf.

Karma will out, and today it did.  15% down.

We have repeatedly pointed out that the “gap of death” (as our students call it) does not occur without warning signs on the EKG.  Unable to read the chart, or the EKG — or the newspapers evidently — falling knife catchers tried to “buy a bargain”  the 3d, the 25th and following days.  And one wonders why most speculators die broke.  If BP holders had observed the Basing Point stop they would have been spared this punishment — and saved a mint on medical treatment for cut up hands.