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Politics : Idea Of The Day
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To: Rick C. who wrote (15961)12/28/1997 4:56:00 PM
From: Judy  Read Replies (3) of 50167
 
Hi Rick,

The drug sector may not be not ripe for puts just yet and it is also possible the sector may rally some more, especially if there are some successful FDA clinical trials announced in January. But several indicators suggest this will sector lose steam soon:

DRG.X has been losing positive momentum during the past two weeks, closing below its 13-day ema on notable volume;

Charts of PFE, LLY, WLA, etc are rounding at the top and these stocks have visited their 50-day ema recently;

Bad news impact drug stock prices severely while good news have a notably lesser impact;

GLX is a laggard of the sector and is now making new highs while the leaders in the sector are fatiguing. When laggards make new highs, I take that as an indication the sector is peaking.

Finally, who in their right mind besides OJ would buy drug stocks at these levels?
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