CHK: Careful Chasing
June 9, 2008 10:52 PM
The long on CHK was above $51.50. Chasing here is risky as it could reverse at any time, without warning and i do not like the “gap” reaction to clear the high. While it could march higher chasing appears to be a mistake. Wait for it to roll over here is a safer long I believe. One thing to note is the players never chase. They were likely long above $51.50 and will likely let it ride until proven otherwise. Their risk is minimal and you should do the same.
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