Chesapeake Energy Corp (CHK)

[ogbull]

Carl Icahn owns 72 million shares. He got rid of McClendon and brought in Lawyer and obviously approves everything he does. Is Mr. Icahn dumping CHK? No! Does he have the moxie to turn CHK around? Yes.

I'm long for one other reason. CHK hit $7 and then Barclay's, the biggest crook on Wall Street, came out and said it was only worth $1. The stock started a downward slid. Volume never exceeded average all during this drop. In fact, many days volume was off as much as 50%! Volume confirms price moves. It is obvious that the major investors decided not to sell. They didn't buy on the dip either. Why? They see something they like in Chesapeake that has not yet materialized. I think what everyone is waiting on is the passing of the gas shoulder season and the appearance of a the hot humid summer, forecast by all the weather experts. IMO, when gas hits $2.25 I think you will see a lot of major players double down. The confirmation will be volume in excess of 70 to 80 million shares and a 20% rise in price.

Bottom line: Chesapeake in strictly a gas play. If we get a humid record-breaking summer, CHK will triple from here. If we get a cold winter, CHK will quadruple.

Chesapeake is a bet on the weather! Forget all the other nonsense!