WHAT HAPPENED TO CHK STOCK PRICE?
There was no fundamental or technical reason to sell! Just the opposite... oil and gas were both up nicely. CHK should have went to $7.10 and above!
My gut tells me manipulators shorted the stock down in order to buy in cheap. But that does not account for the high volume; it was far too high to be considered as pure market manipulation.
It is possible that some big brokerage house issued a private downgrade to their paid subscribers?
It also seems possible that several smaller institutions jumped out because they were disgusted with the stocks performance. They had likely already set a protect price for a sell out. On top of all this, the new low price likely tripped a lot of small investor protect orders. There is even a good chance that there were a number of forced sells by banks or brokerage house?
The fast drop also tripped a fear stampede out of the stock.
The main point is, there are hundreds of reasons to sell but only one to buy! Whoever was doing the buying was likely on the right side of the trade because, as far as we know now, there was no bad news and oil and gas price were both up.
I pick up 40,000 cheap shares. Yes, I'm disgusted with CHK above $7.10, but I am not disgusted at $6.70. I believe very strong that $6.90 is the real bottom. I also believe the stock will go to $8 after earnings are announced in February. I see 10 cents per share!
