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STOCK: CHK

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1 STOCK: CHK on Thu Apr 30, 2015 9:06 am

Yes, here goes Phil talking about CHK again.  Nah, I just wanted to make an official first post and disclose my intentions of the 10k shares I own and spoke about yesterday (via email to the 10gm).

I was going to cash out yesterday for a .25 gain ($2.5k profit, selling @ $15.10) as the market was closing but decided not to leave (so much) money on the table as I have a habit of doing; not in a greedy sense but just as dangerous, out of fear.  The fear we all experience when a trade is going with us or against us.  Most of the time, my little voice is saying, "Sell here!  Take your profit!  What if it starts going down from here?!".  I decided the technicals are too textbook to jump now and with the stock so heavily shorted I can easily get another $1k.

Glad to see it's up pre-market.  My plan is to sell between $15.25-15.35~ this morning.  If CHK fails to show the strength I expect to see I may end up selling 100 of the weekly Apr $15 calls in order to get a little cash, insure I'm called out tomorrow for a .15 profit ($1.5k) and hedge against the stock getting smashed in the next few days for some unknown reason.  Personally, I see CHK hitting $15.30 within the first 15 minutes of trading.  If the Nat Gas report is positive this morning (less inventory) CHK will go bang it's head around the 100-Day MA for a bit.  That said, I don't feel the risk/reward is worth sticking around to watch that happen.  I think CHK is going to have a hard time with it's next hurdle, the 100-Day MA should be key resistance until Monday's earnings announcement.  CHK may slice through the 100-Day today/tomorrow if we continue to see this (temporary?) strength in crude (currently up 1%).

I will update this post when I close the position.

Phil



Phil

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2 Re: STOCK: CHK on Thu Apr 30, 2015 10:05 am

I have been in CHK since it showed up on a scan earlier and you posted your continuing interest in it.... my small stake buy-in was 14.47....I have a target price of 16.65....

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3 Re: STOCK: CHK on Thu Apr 30, 2015 1:22 pm

StLBill wrote:I have been in CHK since it showed up on a scan earlier and you posted your continuing interest in it.... my small stake buy-in was 14.47....I have a target price of 16.65....

Alas, I am not a full-time trader so while I was away from my desk my order was executed. Sold entire position for $15.30, a profit of .45/share or $4,500.00. The profit-taking this morning was expected especially on a gap up. Trade did not go exactly as planned (rarely they do) but the stock ended up behaving as the charts and price action predicted.

On to the next one.

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4 Re: STOCK: CHK on Fri May 01, 2015 12:53 pm

Phoyce, Good call on CHK. Well done. Congrats.

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5 Re: STOCK: CHK on Fri May 01, 2015 1:28 pm

kannan19 wrote:Phoyce, Good call on CHK. Well done. Congrats.

Thanks! I make a decent call every once in a while. Wink

Seriously though, I will never post a trade idea that A.) I'm not personally invested in or soon-to-be invested in and B.) One that does not have a high probability of success. I would feel pretty bad if someone lost money because of poor analysis on my part.

After combing through some interesting data and charts today I'm hoping to post a couple more winners. My powder is dry and I'm looking forward to May's action. I will definitely be putting some money to work first thing Monday. Nothing better than the volatility this market is demonstrating. $$$$

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6 Re: STOCK: CHK on Fri May 01, 2015 1:57 pm

Just sold my 100s at 16.7017 on a trailing stop set at 16.65.....

Thanks for the recommendation..... may go higher yet, but happy with my $223 profit

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7 Re: STOCK: CHK on Fri May 01, 2015 2:03 pm

StLBill wrote:Just sold my 100s at 16.7017 on a trailing stop set at 16.65.....

Thanks for the recommendation..... may go higher yet, but happy with my $223 profit

Congrats sir!

I love it when people make money. Your attitude is even better, "may go higher yet, but happy with." I may have to get that tattooed on my forehead and place a mirror behind my monitor.

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8 Re: STOCK: CHK on Fri May 01, 2015 2:14 pm

believe it was attributed to Rockefeller says he made his money by selling too soon?

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9 Re: STOCK: CHK on Fri May 01, 2015 2:36 pm

StLBill wrote:believe it was attributed to Rockefeller says he made his money by selling too soon?

Had never heard that one but it's a gem. Found it:

“I made a fortune getting out too soon.” - J.P. Morgan

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