Indices had another strong day & closed UP.
S&P 500 went to 1195.86, but profit taking took it down to 1175.38 @ close.
Internals of the market were positive by 4 to 1
VIX closed down 3.36% @ 37.71
Most of the TV gurus are in a panic mode & afraid of this market. Their guidance have been to stay out until all is clear, BUT then take credit for any "surprise UP days"......
Technicians are the-most bearish group as their dots are scaring them, there is more to this market now than "past charts"......YES we may pullback for a day or so from "overbought conditions" BUT we are headed higher in this run.....
It will be prudent to buy your favourite stocks when it is DOWN than UP.......
I personally believe, that Europe is on the mend which had crippled this market for five months.So any rally should have a lasting power......
IF we look @ RSI in S&P 500 it is @ 48.31...which is still in buy zone.....
Stocks which were UP 4% or more included BIDU,RIMM,SINA,SLV,
NTES,MPEL,CIEN......
AH Futures Down
AH Asian Markets Mixed
AH Oil,Gold & Silver Down
BLOG does NOT give buy or sell.
Saleem
7 comments:
S
LOOKS like a hit with the AMAZON fire cost is $200
AMZN is hot
c
Hi C,
YES...that was the idea for buying AMZN......
$200 should sell millions...
Saleem
S
You are indeed the stock GURU
thanks
Hi C,
GURU NO..independent THINKER yes !!!
Saleem
S
EVEP and CHK:
NEWS
his is consistent with John Walker's comments yesterday at IPAA. John also implied a LOI is in hand for the JV. I am assuming that will be released shortly (as an observation CHK in the past has typically released their JV announcements over the weekend).
Chesapeake Energy Corporation (NYSE:CHK) today disclosed initial horizontal well drilling results in the wet gas and dry gas phases of the Utica Shale play in eastern Ohio and western Pennsylvania and also announced the achievement of certain corporate production milestones.
Chesapeake has drilled 12 horizontal wells in the discovery phase of its Utica Shale play and has achieved strong initial production success in the wet gas and dry gas phases of the play from this initial drilling. The company is early in the process of evaluating the oil phase of the play. Results from the first four of the company's completed horizontal wells in the wet gas and dry gas phases of the play are detailed below (the company's other eight drilled horizontal wells are completing or waiting on completion):
The Buell 10-11-5 8H in Harrison County, Ohio was drilled to a lateral length of 6,418 feet and achieved a peak rate of 9.5 million cubic feet (mmcf) per day of natural gas and 1,425 barrels (bbls) per day of natural gas liquids and oil (liquids), or 3,010 barrels of oil equivalent (boe) per day;
The Mangun 22-15-5 8H in Carroll County, Ohio was drilled to a lateral length of 6,231 feet and achieved a peak rate of 3.1 mmcf per day of natural gas and 1,015 bbls per day of liquids, or 1,530 boe per day;
The Neider 10-14-5 3H in Carroll County, Ohio was drilled to a lateral length of 4,152 feet and achieved a peak rate of 3.8 mmcf per day of natural gas and 980 bbls per day of liquids, or 1,615 boe per day; and
The Thompson 3H in Beaver County, Pennsylvania was drilled to a lateral length of 4,322 feet and achieved a peak rate of 6.4 mmcf per day of dry natural gas.
The production rates listed above assume maximum ethane recovery. Chesapeake is processing the wet natural gas stream from the three Ohio wells at a nearby processing facility where ethane is currently being minimally recovered due to temporary market limitations. The company has multiple projects and initiatives underway to process and market future production of NGLs including ethane.
Management Comment
Aubrey K. McClendon, Chesapeake's Chief Executive Officer commented, "We are pleased to announce very strong initial drilling results from the wet gas and dry gas phases of our Utica Shale discovery. Chesapeake has built a commanding presence in the play with 1.25 million net acres of leasehold acquired to date, with our current primary leasing efforts focused in the wet gas phase of the play. We estimate the company's leasehold covers approximately 40% of the potentially drillable acres in the core of the play. The company is targeting a development program with average drilling and completion costs of approximately $5.0 - $6.0 million per well. Chesapeake is currently drilling with five operated rigs in the Utica Shale play and plans to increase its operated rigs up to 10 rigs by year-end 2011, up to 20 rigs by year-end 2012 and up to 40 rigs by year-end 2014.
cheers
Saleem,
Only AMZN is the winner. Other stocks are in RED.
Michael
Hi Michael,
Just a normal healthy pullback.
AMZN should make new all-time high ?
Saleem
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