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CHK - There was $1.20

March 19, 2008 2:32 PM

There was a dollar plus on my short call on CHK at $47.50. I still believe we will see $44 at least in the coming days…. You could cover here at $46.30 - $46.50 and then short it again at about $47.00…if it gets there…but thats what I see… :o) It really depends on whether taking a swing or intraday trade… I am not a huge fan of holding positions overnight as I would rather see the open to be sure….but that’s me… But any and all strength should be shorted here…IMO.

$44 is in the this stocks future..or lower…IMO…. The only reason i thought maybe cover and short higher is that I thought the market would try and reverse near 1325 on the futures….possible it could lift CHK as well…

Update: at 11:50 EST It refuses to go up…the bounce after my post only got to about $46.85. Volume seems reasonably low thus far…

Again…if a swing trader…I smell $44 or lower… in the coming …days…so you would probably hold this $47.50 short until there is a reason to cover…

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