Quick Update: CHK
Well, that was oddly efficient wasn’t it? I have to admit, I didn’t quite think Chesapeake Energy Corporation (CHK: 23.95 -4.39%) would see $45.00 this quickly, and the move feels almost canine-transformative as it “gives me some paws” (sic).
However, all due respect to Mr. Limm’s Dawg, I believe I shall indulge in a “half position” of CHK at these levels (currently $45.20). The stop can be as tight here as you like, with the position sitting right at the fib line, but I will set mine at $40.50, which is below the next area of support, and at about a 10% loss.
Happy hunting.
Update: The Mosaic Company (MOS: 59.77 -3.46%) has obviously broken through that noisome $115 area, but I shall not get hoggish. Looking to cover half my position at $109.60, which indicates the “gap fill” from the April 4th, ‘08 gap up. I will cover the rest at the next fib support of $106.05.
Ciao.
Still sleeping like a baby?
LOL. I didn’t sleep like a baby even when I was a baby.
Metaphors are generally helpful, though, I find.
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Jake,
Thoughts on FWLT?
Rage–
Touched it’s 38% (long term, 2 yr) retrace on 7/30 and was immediately rejected the next day. It’s just a little below the 50% retrace right now ($51.90), and the next significant support is right at $50.00, but with this momentum, I wouldn’t be surprised if the target is the next strong fib (61.8%) at just north of $44.00.
Bottom line — You prolly don’t want to hold this long past $50, and it’s looking like a very nice short right now, to at least $44.
first time investor here..went 1/2 position @ 49.99 …what happened ? cant afford a band aid now…sure hope it was just the weather thing
You’re experiencing a broad based, commodity pullback. However, if we “go” with the notion that this is just a pullback in a bull market, and not the start of a bear, we can posit that the 61.8% retracement from the recent highs of $73 is a good entry.
That was around $45, and we hit it (and then some) today.
Whatever the case, I like CHK long term.
Super blog! I am {loving|enjoying} it!! We will come back again