OWENQ - Get ready to load the boat

[TheChartGuru]

Get ready to load the boat. Oversold and good support at .90. Should be over $1.20 by next week

http://stockcharts.com/h-sc/ui?s=OWENQ&p=D&b=5&g=0&id=p39571835761

The Guru has spoken

[Mad Girl Investor]

Guru, youve never been wrong on this one before,,,,your prob gonna be right again.

DOntya just love being right? LOL

[deerhunter]

I got in this stock at like 1.00 a month ago when it was "oversold." hopefully I can get out of it when it gets to 1.20. I would not mind that. Any chances of going to say 1.40-1.50?

[deerhunter]

I got in this stock at like 1.00 a month ago when it was "oversold." hopefully I can get out of it when it gets to 1.20. I would not mind that. Any chances of going to say 1.40-1.50?

[Gatorfan]

I got in this stock at like 1.00 a month ago when it was "oversold." hopefully I can get out of it when it gets to 1.20. I would not mind that. Any chances of going to say 1.40-1.50?


I would jump ship at 1.20. You probably already know this, but in case you don't, Owens Corning is going to emerge from bankruptcy sometime in the 4th quarter, when that happens all these shares will essentially become worthless.

[unstatusthequo]

I was considering this, but the volume appears to suck... I thought that mattered considerably when playing a bounce game?

[Mad Girl Investor]

I would jump ship at 1.20. You probably already know this, but in case you don't, Owens Corning is going to emerge from bankruptcy sometime in the 4th quarter, when that happens all these shares will essentially become worthless.
how do you get that????

[TheChartGuru]

I was considering this, but the volume appears to suck... I thought that mattered considerably when playing a bounce game?


Volume has been increasing the last 3 days. It has formed back to back upside down hammers which is bearish. I wouldn't be surprised if it drops tomorrow below .90 and then bounce on big volume. Remember to look at the hourly and 30 minute charts on my oversold picks for entry. The hourly chart is not very telling, but the 30 minute chart has the MACD in the oversold area and Stochastics are heading down. So we may get the bounce tomorrow, Friday, after all.

The Guru has spoken

[unstatusthequo]

Thanks for the explanation, Guru

[TheChartGuru]

Ok, as predicted OWENQ broke below the .90 support, currently at .85. Keep sipping on your ice tea and keep your cursor over the "buy" button. Keep an eye on the 30 minute chart for a reversal confirmation, then switch to the 5 minute chart for entry.

The Guru has spoken

[Gatorfan]

how do you get that????

A couple weeks ago, Owens filed with the SEC saying they were going to be issuing new shares, so this plan is going to move forward. Please click on the link or read below for the details.

http://www.ocplan.com/ocplan_chapter11.htm

__________________________________________________ _______________

Owens Corning announced on May 10, 2006 that it achieved its long-standing objective to reach agreement with key creditor groups on a consensual reorganization plan that would resolve all Chapter 11-related issues. This is an extremely important development in our Chapter 11 case and is good for our company, our employees, our customers and our creditors. Our ability to reach this agreement is a direct result of the strong business performance Owens Corning achieved in the past several quarters.

Key Terms of the Agreement, which are subject to bankruptcy court approval and final documentation, are summarized below.

Existing Owens Corning stock will be cancelled when an approved reorganization plan becomes effective. 131.4 million shares of new stock will be issued, resulting in $3.942 billion of total equity value at emergence. The distribution of shares is described below.
Bank creditors will receive a full cash recovery, plus interest, amounting to approximately $2.276 billion, calculated as of March 31, 2006. Interest will continue to accrue through the effective date.
Non-bondholder senior and junior unsecured creditors will receive approximately $249 million in cash.
Bondholders and asbestos claimants reached an agreement regarding their forms of recovery. Bondholders will receive equity, and asbestos claimants will receive cash and, if the FAIR Act does not become law, some equity.
Bondholders with aggregate claims of $1.389 billion will receive approximately 26.6 million shares of the reorganized company's common stock. In addition, bondholders and certain other general unsecured creditors will have the right to purchase a pro rata share (based on size of claim) of 72.9 million shares of the reorganized company's common stock at $30 per share via an equity rights offering. Owens Corning is in the process of finalizing an agreement with J.P. Morgan Securities, Inc. to backstop the offering. It is anticipated that J.P. Morgan Securities would syndicate that commitment to certain interest holders led by D.E. Shaw Laminar Portfolios, L.L.C.
Owens Corning and Fibreboard asbestos claimants collectively will receive $2.872 billion in cash (including certain escrow accounts). The cash will be deposited into a 524(g) trust fund that Owens Corning will establish in accordance with the United States Bankruptcy Code. In addition, Owens Corning will assign all rights to any insurance recoveries to the trust.
Owens Corning and Fibreboard asbestos claimants also will receive a contingent payment right in the amount of $1.390 billion in cash (which will accrue interest at a rate of 7 percent from the effective date through the payment date) and 28.6 million shares of the reorganized company's common stock. This contingency payment right for asbestos claimants will vest if the FAIR Act (proposed asbestos legislation setting up a national trust fund) is not enacted within 10 days of the conclusion of the 109th Congress. If the FAIR Act is enacted within that timeframe, the contingent note will be cancelled and no further amounts will be transferred to the 524(g) trust.
Holders of Owens Corning 6.5% Convertible Monthly Income Preferred Securities (MIPS) will receive warrants to purchase 10 percent of the fully diluted shares of the reorganized company, assuming exercise of all warrants but ignoring management options, at a strike price of $43 per share. The warrants can be exercised within seven years of the effective date.
Existing holders of Owens Corning common stock (which will be cancelled upon emergence) will receive warrants to purchase 5 percent of the fully diluted shares of the reorganized company, assuming exercise of all warrants but ignoring management options, at a strike price of $45.25 per share. The warrants can be exercised within seven years of the effective date.
In the event that the FAIR Act is enacted into law and the contingency payment to asbestos claimants is not made, existing Owens Corning shareholders and MIPS would have the right to exchange the aforementioned warrants for 14.75 percent and 5.5 percent, respectively, of the fully diluted shares of the reorganized company.
Except where noted, distributions to creditors will be made when the plan becomes effective.
Owens Corning's total enterprise value at emergence is estimated to be $5.858 billion, including $3.942 billion of new equity, $1.8 billion of new debt financing, $55 million from existing debt at non-debtor Owens Corning entities, and $61 million in new tax notes.

The agreement assumes a total recovery value of $8.576 billion, which includes a total enterprise value of $5.858 billion, excess cash of $1.250 billion, Fibreboard trust and asbestos trust assets of $1.622 billion, less existing debt of $55 million and $99 million worth of shares reserved for employee incentive programs.

[TheChartGuru]

getting ready for take off!

The Guru has spoken

[deerhunter]

looks like it wont happen today. Hopefully soon.. lots of volume though.

[kultuklu]

Invest in a "Q" stock ?? Great advice ! Nothing like bancruptcy to get one's adrenaline glands pumping ! Where do you come up with this stuff ? Load the boat ..............Titanic style.

[Jordan]

We look to profit off the breakout.

Lets see what happens today!

[Jordan]

No bounce today, it is coming!

[TheChartGuru]

Invest in a "Q" stock ?? Great advice ! Nothing like bancruptcy to get one's adrenaline glands pumping ! Where do you come up with this stuff ? Load the boat ..............Titanic style.

I love "Q's and "E's" :)


The Guru has spoken

[TheChartGuru]

I think OWENQ will take off tomorrow, Weds. Keep an eye on it.

The Guru has spoken

[aiki14]

When a glass (pun intended) falls off the table like this it doesn't bounce it shatters. Seems a big risk with limited upside IMO.

[KTaylor]

Where is the volume on this thing????

[TheChartGuru]

The 30 minute chart is improving and the daily RSI(10) is curling up. It closed "green" despite the market's negative day. I bought 4,000 shares at .89 today with a mental stop at .83

http://stockcharts.com/h-sc/ui?s=OWENQ&p=D&b=5&g=0&id=p04490138902

The Guru has spoken

[Jordan]

Not much movement yet

[stck8ter]

making its move

[manowarfan1]

Hope it has a litle more steam than this in it - i got in at .86, but would like to see it get a nice little bump - preferably on/after 9/11 :) When the funds for the purchase will settle - prolly doesnt matter as i have other funds available in the account - so it's not like ScottTrade should freak out too much - just dont want to get bumped up to day trader status - coz I'm not one - just a dabbler trying to learn from the things i see posted here on the forum :)
A nice .10-.15 cent gain per share would be very nice indeed :) Not to be greedy - coz i know what happens to pigs :)

jeff

[Justmakinmoney]

I don't think having day trader status really changes anything.

[deerhunter]

Geez look at the volume on it today, over 5,000,000. Somethin big will happen tommorrow.

[stck8ter]

I don't think having day trader status really changes anything.

you need to have $25k min in your account at all times.

[WhiteKnuckling]

If you would have loaded the boat with this one, your vessel would have capsized.

It was at 1.01 when you first posted this. It's at .92 now.

Only a 8% loss. :(

[Gatorfan]

If you would have loaded the boat with this one, your vessel would have capsized.

It was at 1.01 when you first posted this. It's at .92 now.

Only a 8% loss. :(


Actually if you follow TGC's posts, he always say wait for reversal signal before actual buying the stock.

I got in at .85 cents.

[TheChartGuru]

If you would have loaded the boat with this one, your vessel would have capsized.

It was at 1.01 when you first posted this. It's at .92 now.

Only a 8% loss. :(

It was at $1.02 and it ran to $1.20 in two days for almost a 20% profit. It has pulled back since then without any "BUY" signals. In the last few days, when I recommended to "load the boat", OWENQ hinted some "BUY" signals that is why I bought 4000 shares at .89 on 09/06. Yesterday's volume was huge with over 5 million shares traded. I moved my stop lost to .87, so it's a low risk high reward possibility. I don't know what is your agenda with that 8% loss comment, but my vessel has not capsized by a long shot.

The Guru has spoken

[WhiteKnuckling]

It was at $1.02 and it ran to $1.20 in two days for almost a 20% profit. It has pulled back since then without any "BUY" signals. In the last few days, when I recommended to "load the boat", OWENQ hinted some "BUY" signals that is why I bought 4000 shares at .89 on 09/06. Yesterday's volume was huge with over 5 million shares traded. I moved my stop lost to .87, so it's a low risk high reward possibility. I don't know what is your agenda with that 8% loss comment, but my vessel has not capsized by a long shot.

The Guru has spoken


You posted this thread beginning on 8/31.

owenq was at 1.10 then, and it has done nothing but decline since.

You are playing fast and loose with the truth about your call here, aren't you?

[poohgoil]

Movin'!

[Jordan]

TCG, do you have a target price?

[WhiteKnuckling]

Movin'!


It closed at .91 on Friday.

With all due respect, how is it movin'?

[Mad Girl Investor]

whitehead,

Guru never said to BUY AT THIS VERY MOMENT. Said to watch for entry.

VOlume always precedes price, honey, so 5 mill of volume means its MOVING!

ha ha..stick around, we will teach ya few things.

Might wanna change the attitude, if ya think its a good idea.

[WhiteKnuckling]

whitehead,

Guru never said to BUY AT THIS VERY MOMENT. Said to watch for entry.

VOlume always precedes price, honey, so 5 mill of volume means its MOVING!

ha ha..stick around, we will teach ya few things.

Might wanna change the attitude, if ya think its a good idea.

What in the world are you talking about, honey?

Volume on owenq was precisely 190,712 on 9/08.

As far as learning, no thanks, I do quite well, in bad markets and good.

I don't waste time with bankrupt penny stocks.

Maybe owenq will be a buy when it emerges from bankruptcy with its asbestos legal woes clearly behind it (assuming legislation is passed by the Senate, i.e. "global resolution").

Until then, I wouldn't touch this stock with even your account.

[bahroor]

What in the world are you talking about, honey?


As far as learning, no thanks, I do quite well, in bad markets and good.

I don't waste time with bankrupt penny stocks.


Then why are you reading, following, and posting meaningless comments on a penny stock thread that is cleary marked on the title?
If that's not wasting time, what is?

Do us all a favor and STFU. We here like and appreciate Guru's sharings.

[aiki14]

Then why are you reading, following, and posting meaningless comments on a penny stock thread that is cleary marked on the title?
If that's not wasting time, what is?

Do us all a favor and STFU. We here like and appreciate Guru's sharings.

Don't waste your time with this character Ab, she hasn't posted anything positive yet, just inarticulate invective. Clearly a person who gets some demented feeling of self worth putting down others.
That said I do feel this is a seriously flawed company and I am not a believer in it going anywhere but down, and I urge you and others to do your homework and find whatever it is that I have missed that will make it go up or get out.
Hope your honeymoon went well and Maui was all I said it was for you guys.

[Jordan]

TheChartGuru picks stocks that have fallen too quickly due to being oversold. He is not saying invest and hold it for a year. Simply buy at the right price, let it go up and take your profit. I have watched many of his picks lately and he is right most of the time. He bought owenq at .89 and it is already at .95, that is a good profit.

[bahroor]

Don't waste your time with this character Ab, she hasn't posted anything positive yet, just inarticulate invective. Clearly a person who gets some demented feeling of self worth putting down others.
That said I do feel this is a seriously flawed company and I am not a believer in it going anywhere but down, and I urge you and others to do your homework and find whatever it is that I have missed that will make it go up or get out.
Hope your honeymoon went well and Maui was all I said it was for you guys.
Maui was awesome! We went to Hana and the snorkeling was great too. Too bad we didn't get to explore any of the other islands, maybe some other time. I see why a week wouldnt be enough. Thanks for asking.

I don't know anything about the company. I just don't appreciate negative comments from people that never give any helpful or positive feedback. Especially if it is directed to someone that's always helping and giving us feedback on this forum.

[TheChartGuru]

OWENQ lookin' good. Currently at .97
May run to at least the upper bollinger bands around 1.10

http://stockcharts.com/h-sc/ui?s=OWENQ&p=D&b=5&g=0&id=p48644284620


The Guru has spoken

[TheChartGuru]

Possible break out today. Keep an eye on it. Hope some of you bought in the mid .80's. May run to $1.20 today

The Guru has spoken

[deerhunter]

looks good, im watching it with a close eye. up 10 percent already..

[jeffwils]

Maybe whiteknuckle is Booyahoo reincarnated?

[clay]

at 1.07 how much higher you think it will go?

[TheChartGuru]

at 1.07 how much higher you think it will go?


Right now it has hit its head on the EMA(50) and th eRSI is toppy. I think that it is going to pull back here, then continue it's move upward

The Guru has spoken

[Jordan]

1.14 !! Great pick

[TheChartGuru]

I was expecting OWENQ to go to 1.20 but it doesn't look like it wants to slow down...still ticking

The Guru has spoken

[KTaylor]

I know that an original target was initially set for $1.20. Is this still the target on this stock? I am learning not to be so greedy and sell when I am guarunteed a profit as opposed to continuing to hope for more and potentially loosing some.

Thanks,

Kyle

[deerhunter]

Im gonna get out at 1.20 as soon as it hits. I gotta take the money while I can get it.

[clay]

I sold when it dropped back to 1.14

[TheChartGuru]

OWENQ formed an upside down hammer or shooting star with overbought indicators. I think it's done for a few days

The Guru has spoken

[deerhunter]

http://online.wsj.com/google_login.html?url=http%3A%2F%2Fonline.wsj.com% 2Farticle%2FSB115859968723666428.html%3Fmod%3Dgoog lenews_wsj


News looks good, could it jump tommorrow??

[aiki14]

here's the whole article from todays WSJ. Note the part where it says current shareholders are out of the money.

Judge to Back Owens Corning Plan
To Emerge Out of Chapter 11
By PEG BRICKLEY
September 18, 2006 2:48 p.m.
PITTSBURGH -- U.S. Bankruptcy Judge Judith Fitzgerald said she will confirm the Chapter 11 plan that is expected to end Owens Corning's long stay in bankruptcy.

Ms. Fitzgerald said she would sign an order confirming the restructuring plan, setting the stage for a federal district judge to begin his evaluation of the balance sheet restructuring. The bankruptcy judge said she would take a few days to review final documents before signing off on the plan.

"Frankly I didn't expect it for another two [years]," Ms. Fitzgerald commented at a hearing on Owens Corning's sixth and likely final version of a bankruptcy restructuring plan.

U.S. District Judge John Fullam of Philadelphia must give the final approval on Owen Corning's Chapter 11 plan, because it resolves an estimated $7 billion in liabilities to people injured by the company's asbestos-laden products. Ms. Fitzgerald said she wasn't sure whether Mr. Fullam also would hold a hearing before confirming Owens Corning's plan.

Monday's court session, to review objections to the Chapter 11 plan, is a crucial step forward for the Toledo, Ohio, maker of building materials. It moves bankruptcy proceedings closer to an end nearly six years after Owens Corning filed for Chapter 11 in an effort to shield itself from an onslaught of asbestos-related lawsuits.

"This has been a hard-fought case," Owens Corning attorney James Conlan said Monday, after listening to two Ohio sisters talk about the death of their father, Edward Windoffer, from asbestos-related disease more than 25 years ago.

Mr. Windoffer's death will become one of about 600,000 asbestos claims that will attempt to collect from a $5 billion trust to be set up under Owens Corning's Chapter 11 plan.

"What I fear is forgotten sometimes in the courtrooms of this country, and in particular in the bankruptcy courts, when we talk about tort claims as a dry item is that for every tort claim there are people like the Windoffers who suffered terribly," said Elihu Inselbuch, lawyer for an official committee representing asbestos claimants in Owens Corning's Chapter 11 case.

However, the asbestos lawyer said, without the shield of Chapter 11, companies like Owens Corning would go under and most asbestos creditors would go unpaid anyway. Instead, the company that was once one of the largest sellers of asbestos-contaminated products expects to get out of bankruptcy by the end of October with investment-grade ratings.

A wide-ranging settlement announced earlier this year quieted years of intercreditor strife, and sorted out who will get what once the Chapter 11 plan is implemented.

Bondholders become Owens Corning's new owners, bank debt holders are expecting a pay day of more than $2.4 billion, and the trust to cover asbestos claims will get some cash and some stock.

Existing Owens Corning shares will be canceled, but current shareholders will get warrants to buy a piece of the reorganized company at $45.25 a share. At this point, existing shareholders are "out of the money," because until the reorganized company's stock is trading above $45.25 a share, their warrants are worthless.

Recovery estimates in Chapter 11 plan documents are predicated on Owens Corning's new stock being valued at about $30 a share when it exits bankruptcy.

Given the poor response to a recent equity rights offering, it seems unlikely that the stock market will value Owens Corning shares at $30 a share immediately. Bondholders bought only 2.9 million of 72.9 million shares of the reorganized Owens Corning that were offered at that price.

Owens Corning did get the cash from the $2.2 billion equity rights offering that was an essential piece of its bankruptcy exit finance, however, thanks to a court-approved backstop commitment from J.P. Morgan Securities. For a $100 million fee, J.P. Morgan agreed to buy the 70 million shares that went unsold, at $30 a share.

When it leaves bankruptcy, Owens Corning is authorized to carry up to $1.8 billion in total debt. The debt portion of the bankruptcy exit package includes a $1 billion revolving loan and a $1.4 billion term loan, which could be partially paid off by a potential $400 million issue of senior notes.

[TonyM]

Just as JC stated in his book; when a company goes bankrupt the bond holders get the money and the shareholders get nothing.

[KTaylor]

Will there be another good entry for OwenQ, or is it still heading down?

[TheChartGuru]

Looks like OWENQ may be a buy tomorrow. It has bottomed out again and formed a red hammer. I would wait to see if it retests the low of .80, but the stochs are about to cross over and it is oversold. Possible bounce to $1 in two or three days

The Guru has spoken

[OvrLpdIO]

Aren't they very close to approving the restructuring plan? at which point any stock you own is just about worthless.

[TheChartGuru]

Looks like OWENQ may be a buy tomorrow. It has bottomed out again and formed a red hammer. I would wait to see if it retests the low of .80, but the stochs are about to cross over and it is oversold. Possible bounce to $1 in two or three days

The Guru has spoken


There it goes. Up over 12% today. Possible run to $1, currently at .79

The Guru has spoken

[discrat]

I was lookng at a recent article on Owens Corning and its emergence from Chap. 11 Banktruptcy. It seems like every since its Reorganization plan was finally approved by the Courts on 9-26 it has steadily gone up.
And I was curious as to the excerpt below and what precisely does this mean ??


Quote :
" Existing holders of Owens Corning common stock (which will be cancelled upon emergence) will receive warrants to purchase 5 percent of the fully diluted shares of the reorganized company, assuming exercise of all warrants but ignoring management options, at an exercise price of $45.25 per share. "



My naivete exposes itself as I have never looked in to investing in a bankrupted Company.
Does it mean if you own shares of common stock right now it will soon be worthless or cease to exist as Owen looks to get listed back on NYSE ??
And also anyone with opinions about trading or investing in this Stock in near term ?? And the risk involved right now in doing
so ???
Thanks for any insight !!!

[KEESH.S]

lol

This is one of the funniest threads ever (next to LNUX thread).