Has BP (NYSE:BP) Finally Reached a Bottom?

I'm not sure whether it was the deflated feeling after the failed Top Kill attempt over Memorial Day weekend, or something else, but it seems BP (NYSE:BP) has possibly experienced the worst as a result of the oil spill in the Gulf of Mexico, and the stock price may stabilize for some time, as it has today, rising to $37.33, or 0.81, a 2.22% increase as of 1:07 PM EDT.

Even the announced BP being investigated won't have much of an impact on the shares of the company in my opinion, as whatever is found, if anything, will probably pale in comparison to what BP is already exposed to, so the stock may already have most of the expected consequences built into the price.

If it has found a bottom, then we could be in for a long, level period for the price of the stock, especially if they aren't able to stop the flow for about three months. That would prolong uncertainty, but not add much to the overall picture, other than the cost of cleanup and liability.

Again, with that probably already built into the stock price, the almost 40 percent it has already lost probably won't go down much further, as the uncertainty has largely been removed from the equation, now that they may not be able to stop the flow.

If they aren't able to stop it, most are looking toward August when they are assured to stop the oil flow, and then the repercussions will be felt stronger, and we'll probably see a lot more volatility as that time approaches.