TA:
In response to your message to me earlier today ----
what made you think that it was to you I was speaking in my previous post. ? ?
Ah well, nevermind .....gggggggg
------Let me take a stab at it.
I think there are a lot of folks who bought at 108 and above. When PFE started tanking from the reported deaths it gapped down several times. Thus a lot of people were left holding the bag at 108. So now, any brave souls ( including large Institutions who want to keep the price up and buy below 108 ) are met with resistance with guys who have sell orders from 108 to 119, and the price comes down.
In the words of our resident PFE expert,gg, BigKNY3, " there is a close, 0.8+ something, correlation between the Market/Dow Jones Index and Pfizer. Well that correlation appears to have stalled now: market is uo 120 points and PFE is now up 0.5. All IMHO,
as to this post of yours ------- I find it to be just what the thread needs.... a rational discussion with a little humour added and showing a grasp of market functions ---- and I thank you for it and appreciate this type of post ...
NOW --
this is not intended to upset you , or make small of your efforts,
and that is a sincere comment, no need to read between the lines..
I offer this up as an addition to and not to belittle ----
the 108 point is well taken , as could be 104, as could 112, and I believe that it's known as overhead resistance....
happens to all stocks and is indeed a market function.
and the ones who ignore such a happening will learn the hard way in the long run......
TA ---thanks for bringing it up, for it's valuable info
the correlation between the DOW and PFE at .8 has a greek nomenclature ----- I feel sure that YOU know but we can't make it too easy on the thread......gggggg
However , your point of "the market" up 120 and PFE up 0.5 showing a stall ---
let me point out (again, not making fun of your point, but in addition to it) "the market " could well include the DOW at about 120 and the NAZ at about 3 and the SPX at 13 and PFE at 0.5 ----
so there is some disassociation between these other market harbingers as well...
Regards --- Nemer |
