MG, Thanks! Always enjoy your comments.
I believe the issue with MRK and several of the other drugs (i.e., BMY has a similar problem)is that the weekly charts are now in control. Of course, that was a real sweet move last week, but the daily chart ran out of room as it banged into the down trend line on the weekly. There also appears to be some significant horizontal resistance at $76. A tough nut to crack; but, if (when) it breaks through it should represent a nice run for the whole sector.
I do not believe the market will top until the drugs have made a charge at their April highs. Since, I'm already on record as believing that this will occur in the next two weeks, the drugs had better get on their horses. <g>
I know what you mean about GE. In the "old" days, I wouldn't have hesitated. That Sto crossing at 20 only happens 1 or 2 times a year and the three times I played it, when I was doing options, the smallest return was 80%. However, I developed trigeritis, an affliction caused by having 4 in a row break support in my personal account. It was a nice run though!
Someone still likes it (or doesn't like it at all). After the market closed today, there was a single transaction for 1,768,100 shares at $117 (about $207M). Now that is a serious trade!!
I know it is strange for folks to understand, but this is "fun". I'm sure that one day it will no longer be, but at this point it enjoys my total energy.
A focused Dude.
TB |
