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Good day all .. I finally landed from my trip and wanted to keep you
up to date on my CHK saga.
As I said in my last mail, after I sold the 4K at 30.50, I put in a
GTC order at 29 and as you know, that
filled early in the week. When it crossed 30.50 again late in the
week, I sold it again. Had I been at
some base of operations rather than using a wireless hotel
connection, I would have shorted it the first
time it hit 30.50 because the fundamentals were not there to support
the rise. (Previously explained). I
still like the stock long but again, until weather catches hold of
it, the spot price doesn't support these runs
in my opinion and I'll await another chance at a lower price
again. The summary is that in the past 30
days, I have made $16,000 on CHK runs. I won't short it here as the
fundamentals were not simply
misinterpreted like they were the first visit to 30.50 when the
market saw M & A activity in the sector as a
plus when it was never a plus for CHK and I'm less sure of the timing
and depth of a retracement.
Good trading next week
Bob
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