The Chart du Jour

Enron: Time for a Short-Term Pop?

October 1, 2001

By, Barclay T. Leib


Chart produced using Advanced GET End-of-Day

The chart above has its Fibonacci lines left unchanged from our May subscriber-only article "Expert Short Picks." Enron at the time was trading 59 1/2, and we wrote of short seller Jim Chanos being bearish on the stock for a variety of fundamental reasons. Technically, we suggested a minor target for Enron of $47, followed by an eventual target of $27. That target has now been reached, with a minor throw-over.

As a company we still dislike Enron: There are simply too many accounting games going on between their many subsidiaries, not to mention many potentially suspect over-the-counter derivative valuations.

But as a trade, is this puppy oversold? We think so.

As mentioned in our September 28th Chart du Jour, for better or for worse, we're looking for the days of October 2-4 to bring more global hostilities of some sort. As such, we would not be surprised to see energy-sensitive stocks such as Enron receive a short-term kick higher, even as the broader market may suffer one last gut-wrenching move down.


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