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CHK - Still an Avoid and/or Short

March 18, 2008 8:17 PM

I am still very negative on Chesapeake Energy here. It also looks like some commodities are rolling over certainly nat gas.

I said last night that I expected traders to short natural gas around $10 today. The high today was $10.085 and it closed at $9.10. Obviously it got crushed. I am not a “professional” trader, and have never traded commodities….but it seemed reasonably obvious what was likely to happen to nat gas today.

Nothing has changed on CHK. It is a short under $49.87 with a hard stop above that, IMO.

I still believe, obviously, that Cramers roaring bull call on CHK is going to be grilled to at least medium well…

The only way this thing is going higher here is if a massive continued rally lifts this sinking ship…which is always possible.

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