Dad4487, I watch the morning and closing imbalances on stocks in the morning and the close and the imbalances are usually small in the morning for CHK to buy, sell, or no imbalance and large imbalances to sell at the closing bell (MOC) every day as of late. Usually one or more blocks of around 40,000 shares. The huge blocks you are seeing considering how small the float is and the relatively low volume of the stock is always sold at the bid on the closing bell. Those aren't buyers but sellers. There are people selling their shares or sophisticated large traders who can get allocated shares to short normal retail traders can't get. This morning's news of one of the CHK board members leaving for another oil company is not a good sign IMHO. I would leave if my preferred (Class A stock for insiders) and stock options were going to zero was going to be worthless because based on the insiders the middle and lower tier creditors are going to probably get pennies on the dollar if anything and preferred is near the end of the line behind the bondholders and retail stock is at the very end of the line in bankruptcy. Franklin who is owed the most debt from CHK will get the lions to share if not all the equity and take control of the company based on the many dozens of articles I have read on CHK in these past weeks. If the creditors that are going to take over because of bankruptcy then would replace most of the existing management that drove this company to the ground and suspect this is just the first of many who will be asked to leave or leave on their own. That's just my humble theory but people leave companies for many reasons so it's just speculation. Because there are so many reasons possible for this person to leave CHK for another oil company so take it with a grain of salt. Never the less it's what you usually see when companies are distressed so they need to start reshuffling things or people voluntarily do sometimes choose to leave on their own due to pressure from others in management, the board, or the creditors. Maybe he wants to leave a sinking ship for a better company. Maybe this board member sees the writing on the wall and got a better job offer from another oil company since he is leaving CHK to work at another oil company. I saw the article on Benzinga Pro this morning under the oil company this CHK board member was moving to which I suspect the reason why there was a slight dip in this morning premarket trading in CHK. A turn around is less likely when natural gas is a bigger part of CHK then oil still and natural gas prices are much worse off then the oil market. Unless we get a very cold summer then don't expect that to change. Like I said before the market is the voting machine and we will see eventually what the results are. So until then good trading to you all.
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