Super Speculation – Yes – Tips are for Suckers:
Many of you may have heard of Calpine and how they went into bankruptcy and how they are selling various parts of their business. I was recently having a conversation with someone in the industry (hedge fund) and they mentioned how several traders are going long Calpine (CPNLQ) on pure speculation based on rumors that the company may restructure and move forward. I don’t know if it is true but I took a look at the chart after his request and see that the stock is up several hundred percent on very heavy volume since late October but is extremely extended above the major moving averages for the first time in years. It closed at $0.91 on Tuesday (down from the $1.23 peak) as some people believe it is worth $6 per share.I have no idea if this is true and I have always been taught that TIPS ARE FOR SUCKERS so please beware if you decide to speculate with extreme risk. I take this information as a tip even though my friend is a childhood buddy but I am curious to watch what will happen.
Again – this is by no means a recommendation to buy and major losses could occur if you were to speculate in this stock (I must make these statements to protect the legal aspect of my words). None of the stocks on this blog are buy or sell recommendations; just equity research based on specific criteria as noted in my disclaimers!
I prefer to buy stocks making new highs and I am not a bottom fisher. The only reason I even present this stock is because a very good friend of mine asked me to look at the chart and I thought I would share since I did the analysis.
Disclosure: I do not own any shares in Calpine (CPNLQ)!
-Chris
posted by Chris Perruna @ 12:21 PM
17 comments
17 Comments:
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