Obviously, the nature of an investment in BP has changed dramatically in light of the enormity of the calamitous oil spill in the Gulf. Portfolios in which BP was originally held as a high-quality, defensive position might now consider realizing losses and reinvesting in any of our other attractive energy sector ideas – most of them also oversold given the recent strength in the dollar and attendant weakness in the commodities, as well as over concern about collateral regulatory and political fallout in reaction to developments in the BP disaster.

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