I owned (past tense) BP to trade around its asset value. 29 was broken today. It may bounce off this level, it may collapse I do not know. (I am still letting the Jan 2011 $10 strike puts ride.)
The one thing I do know is that when comparing risk trades at current levels C, GS, IBM, F, MF and many other names have a far better risk/reward profile compared to BP at the moment.
Because of this, and the breach of the 29 support, I sold the BP common and added to C and IBM today.