Chesapeake Energy Corp (CHK)

[dwms07]

Where will CHK close Today?

We got the pullback everyone assumed was coming, but I believe the oil daytraders oversold us at $7.05! Any price under $7.25 is a great buy for any institution, long term investor, or even for an oil day trader. That natgas dropped to $3.46 in meaningless. WTI at $51.00 and Brent $53.75 is a plus. Gasoline down 0.01 penny is also a plus.

I got lucky and picked up 20K in premarket at $7.03. I would buy another 20K but I don't know what the market maker is gonna do. I got a feeling the bastard will slam the stock at open and run it down to $6.90! They always slam a stock on any kind of negativity. If they do slam, I'll be looking to pick up more shares for a day trade.

My guess for a close is $7.25--volume at 60 million. The only blind spot is being Friday, will investors dump rather than hold over the week-end. To me, it's a neutral.