If BP's Top Kill Works, Go Long This Oil ETF…

Since BP announced that is was beginning a risky “top kill” operation we all have been hoping that the plug leaking attempt would work. Success in the initiative could mark a turning point in the company’s efforts to contain the disaster. But failure could mean that oil will continue to spill for another two months, as BP is nearly out of ideas for stopping the leak.

If it does end up working – or even remotely stopping the leak – I think you could see some drastic moves in Oil ETFs. Particularly the SPDR Oil and Gas Equipment Services ETF – the XES.