No, we don't mean the market, that's already been taken care of for months!. We're talking about the second well at the "Three Forks" formation for CLR!. That's the second time we've stuck a timely fork into CLR from the start and just like the first alert, this one carried on all day. One essential ingredient to be a successful trader is know a stocks potential and history. What we mean in this case is we've already seen CLR rocket from $52 to about $64 on May 20th and so why wouldn't it put in such a move once again on an another successful well. It also helps that CLR has been consolidating for nearly 2 months. We don't need a geology background, we just needed to understand this well had stronger production potential than the first and most importantly know the stocks trading history. Considering they didn't exactly discover the cure for inflation or something, you should look at the chart and see what it did the next day and/or week after its May 20th run to decide on what you probably should have done late or should do with it in the near future.
As far as the rest of the market, yesterday was a whacky trading environment from the opening bell to the close. While we're on the topic of gas, as soon as this market gets the whiff of some in the form of a rumor it runs for the hills or more like down the hill. The late day plunge was almost comical. We also had everything from what looks like a run on LEH to a nice move down from Coal stocks of up to 5-7% without a gap in minutes at the open to a very nice reversal later in the same names. The only reason we alerted the potential early short before the open was because these coal stocks were either flat or up heading into the open. If they were down already, we wouldn't have as it would be useless. We talked about the API2 the other day and we knew what happened early in Europe, the rest of the market seemed blind to it as these stocks were about to open green. Didn't they learn already what the thermal coal price overseas can do recently?. Sure this was a traders dine and dash trade, but the last 2 days prove even if this looks like a difficult trading environment, you don't have to be a full-time trader to capitalize on the CLF and rest of steel move from Wednesday and yesterday's move in CLR.
As the market shenanigans continue with the LEH, FNM, OIL, we aren't paying much attention to the market indices, but on the often mentioned $CRX.