Todays Market and My Call to be Long CHK
March 24, 2008 9:02 PM
Well, the market played out pretty much how I thought all day….but I warned late in the day in my intraday comments that the futures volume seemed VERY light up top and smelled it rolling over a bit at the close.
It didn’t seem like selling pressure, but rather a lack of buyers as it sat in a very tight range for over 2 hours before sliding late.
CHK was a free buck on my call to be long today….tomorrow will be a little more dicey. I don’t like it up around $47-$48 for certain. I think there is a general consensus to rotate out of commodities and bonds right now…and that trade will probably last unless the dollar gets crushed again.
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