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| Symbol | Sector | Return | Exposure | Trades | Last Trade | Status | |
|---|---|---|---|---|---|---|---|
| CHK | Exploration and Production | -35.61% |
|
25 | 30-Dec-09 | Currently Holding |
07-Nov-08
Today’s Market Commenatry Friday November 7, 2008.
Holding Rationale for CHK.
Friday, November 7, 2008.
The markets continued their headlong rush down to our low targets for a second day producing a -10 in two days, an incredible collapse, though not unexpected in light of our market targets and, “A 50% pullback of this last 6 days could be completed in 2 days, before the next up move.”
And, “For the QQQQ a drop to 30.49 would be a 50% pullback of the last 6 days. Accurate to within 3 ticks.
And, “Today I see continued selling down to the DJ-30 support target of 8942, the 20 SMA, then 8691 a 50% drop of the last 6 day rally.” Our DJ-30 close within 4 points.
Today we have the much dreaded Nov 7 8:30 AM Unemployment Rate
that is likely discounted for all but insane unemployment numbers.
In any event the technical studies suggest we are likely able to shrug off the bad news and rally back up, after morning lows, and close on a positive move.
Look for selling to hold Thursday’s lows and our first resistance level for the
DJ-30 to be the Daily 20 SMA at 8948, ( a number we came close to hitting in the DJ Emini Futures in the overnight markets).
GOLD
Gold gave us our dip the last two days, and should see more upside on the open today.
US DOLLAR
Support was in the 84’s as we posted, with 85 now a resistance area.
Natural Gas
Monday’s 11/4, post: Cold weather may save the recent lows for natural gas stocks for the next 2-3 months. Failed new lows are in for NGAS, CHK, CNQ, and DGAS.
CNQ up 53% from last Monday’s 10/27 close
CHK up 40% from last Monday’s 10/27 close
NGAS up 26% from last Monday’s 10/27 close.
MOBO BREAKOUTS TO THE UPSIDE
UXG
CPLA
VOLC
TWGP
NOVN
$2 > STOCKS
UXG
ACLS
STEM
CDL
ASTM
SATC
BULL ENGULFING
GLBC
BKUNA
SNS
PTIE
BULL KICKER
VTIV
CND
VOLC
GCA
PBH
SPECIAL SITUATION STOCKS
MVIS up 70% off lows , Our special Watch stock with new product development.
Pullback target $1.60
Per David Elliott of www.wallstreetteachers.com in my humble opinion the best market timer in the business and my mentor.
SNAP BACK UP
DLTR
WPP
NFLX
ODSY
DBD
CBD
DV
DOWNSIDE MOVERS
BKD
MDR
SRX
DPTR
WRC
WG
STP
Posted at 06:15 in Holding Rationales | Permalink | Top
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