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Market Update: Chesapeake Energy (NYSE: CHK) is massively overbought.

|Includes: Chesapeake Energy Corporation (CHK)

 We have placed a sell/short sale recommendation on the stock. Price is well ahead of the Company's ability to generate cash flow per share in 2011 and 2012 given capital expenditure commitments, leasehold obligations, and capped prices due to forward sales through volumetric production payments (VPP's) and other hedging activities.