Jimbo and Thread: Verrrrry interesting action going into the close today. Around 3:30, Pisani comes on as per usual and updates the market on close orders. He says that there are HUUUUUGE buy orders out there for the big drugs - PFE (800K!), MRCK <ggg>, BMY, SGP, blah, blah. I'm watching PFE, which was in the process out failing its 46 7/16 BO from Tuesday, and it starts moving up. I think, well, maybe it's not gonna fail after all! Then, right at the close - POW! It gets CRUSHED on HUUUGE volume. Check this out:
CHART: www2.marketwatch.com
Pisani comes back on after 4:00 and, basically, reits what I just said, adding that the same thing happened to the other drugs. He implied that there's somethin' fishy going on here and there are traders scratching their heads over this down at the NYSE. My first thot is that someone wanted out of the drugs in a bad way .... bad enough to put in big bogus buy orders to attract attention and move the price up so they could dump at the close.
U ain't heard the last of this!
K
PS: Could this signal the beginning of rotation out of the drugs?? |
