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Is The Gulf Spill Nightmare Finally Over?

BP shares jumped Thursday after the company said oil was no longer leaking from its blown-out Macondo well into the Gulf of Mexico.

Kent Wells, BP’s senior vice president of exploration and production, told reporters a new cap had completely shut in the flow while the company conducts a critical pressure test on the stricken well.

Engineers are now monitoring the pressure to see if the broken well holds. Tests will continue for 48 hours.

The cap, however, is not a permanent fix. BP is drilling two relief wells so it can pump mud and cement into the leaking wells in hopes of plugging it for good.

This is a long-awaited milestone in one of the nation's worst environment disasters.

What's the takeaway?

These developments are great for BP as well as the other companies associated with the spill, says Pavel Molchanov, Raymond James. It’s very encouraging news.

Looking at the stock action, I think the bounce off the lows reflect that the worst is behind BP but they’re by no means out of the woods.

I don't think investors should step in, counsels Joe Terranova. It will take years before BP can regain its reputation and I'm hearing Congress is trying to pull permits away from them.


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Trader disclosure: On July 15, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BP), (INTC), (MSFT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova owns (GOOG), (AMZN), (MON), (APC), (GMCR), (MYL), (MRVL), (BAC), (ADI), (ADBE), (AKAM), (HES), (CVS), (AXP), (EMC), (ABT); Jon Najarian own (APC) short calls; Jon Najarian own (COP) short calls; Jon Najarian own (CVX) short calls; Jon Najarian own (GS) put spreads ; Kelly owns (BP) puts; Kelly is short (GS)

For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (CASS)
Virtus Investment Partners owns more than 1% of (LDR)
Virtus Investment Partners owns more than 1% of (LPHI)
Virtus Investment Partners owns more than 1% of (MGRC)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLP)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLK)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (SUBK)
Virtus Investment Partners owns more than 1% of (WDFC)
Virtus Investment Partners owns more than 1% of (YDNT)
Virtus Investment Partners owns more than 1% of (DRYS)

For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (AUY)
Accounts managed by Kanundrum Capital own (GFI)
Accounts managed by Kanundrum Capital own (C)
Accounts managed by Kanundrum Capital own (GME)
Accounts managed by Kanundrum Capital own (BIG)
Accounts managed by Kanundrum Capital own (NWL)
Accounts managed by Kanundrum Capital own Japanese Yen
Accounts managed by Kanundrum Capital are short (USO
Accounts managed by Kanundrum Capital are short Aussie Dollar
Accounts managed by Kanundrum Capital are short (AMZN)
Accounts managed by Kanundrum Capital are short (KMX)
Accounts managed by Kanundrum Capital are short (FXI)
Accounts managed by Kanundrum Capital are short (EWO)
Accounts managed by Kanundrum Capital are short (EWI)
Accounts managed by Kanundrum Capital are short (JOE)
Accounts managed by Kanundrum Capital are short (RSX)
Accounts managed by Kanundrum Capital are short (SLX)
Accounts managed by Kanundrum Capital are short (CSX)
Accounts managed by Kanundrum Capital are short (FCX)

For Brad Hintz
The following companies are or during the past twelve (12) months were clients of Bernstein, which provided non-investment bankingsecurities related services and received compensation for such services GS / Goldman Sachs.
An affiliate of Bernstein received compensation for non-investment banking-securities related services from the following companies GS / Goldman Sachs
In the next three (3) months, Bernstein or an affiliate expects to receive or intends to seek compensation for investment banking services from GS / Goldman Sachs.
Accounts over which Bernstein and/or their affiliates exercise investment discretion own more than 1% of the outstanding common stock of the following companies GS / Goldman Sachs.

For Gene Munster
Piper Jaffray Is A Market Maker In (GOOG), (YHOO), (BIDU), (AAPL)

For Anthony Scaramucci
Scaramucci and SkyBridge Capital own (GS)

For Pavel Molchanov
**No Disclosures**

For Tom Curran
**No Disclosures**




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