Chesapeake Energy Corp (CHK)

[WildcatDriller]

I'm trading this stock for the time being. It's not a long term high quality investment yet and might not ever be again. I own percentages of interests in several Chesapeake wells and speak with management on a fairly regular basis. Natural gas will top out at around 2.40 and oil around the 52.00 mark. That is why hedges are being added in an aggressive manner. I've been in the business my entire adult life and I will bet anyone that oil will see 35.00 a barrel or lower before we see 75.00 and that goes for nat gas as well. I believe nat gas will return back towards the lows of earlier this year 1.60ish.

Everybody wants to talk about rig count. Lets talk about the over 5,000 drilled uncompleted wells that are just setting in the US alone or the wells that are chocked back 50% or more in some situations. Folks this is going to take time to get through and many will not make it. I can say that if Chesapeake makes it, the company will be vastly different than the one we know today.

Did anyone notice the triangle that is almost complete on the 15 min chart?
Who else is watching a possible head and shoulders pattern building on a daily chart? Just watching, it's a little ways off yet... It may not develop, but it's worth watching..

Trade this for what it's worth, but don't be consumed by uber bullishness.. There is a very long row to hoe..