kocurekc
Long

CVX, $100 buy at earnings

NYSE:CVX   CHEVRON CORP NEW
cvx
77 4 0
cvx
CVX             Bearish pennant seems to be holding.
Moving into earnings now. CVX             is in a weakened position, will of course oil             , slumping...but also strong dollar exposure. CVX             has a bunch of big gas projects overseas (Australia) and the strong dollar, weak gas, and high execution cost overseas may just be the drag to break it to the down side.

Volume is nice here...strong buyers at the bottom of the wedge , no one wants it at the top of the wedge .

Should crash down to $100 at earnings and get support with strong dividend buyers

***Overall***
If you love the long term $100 is a great place to buy.
Be an exciting day tomorrow...COP, CAM, and OXY reported today, all with big capital reduction efforts...but CVX has big massive project which will be difficult to cut, so they will have more challenges in using the CAPEX reduction game plan.
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Nailed it...
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So keeping CAPEX high because of existing long-term development, but looks like they had good hedging on the weak dollar, +$200 over previous year...but they cancled the share buy back
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kocurekc kocurekc
http://finance.yahoo.com/news/chevron-scraps-2015-share-repurchase-162024541.html
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