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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Bretsky who wrote (8102)	7/16/1999 3:26:00 PM
From: John Carpenter	Respond to of 9523

Some technicians argue that charts portend future events, because human behavior tends to repeat itself. Critics argue that technical analysis is akin to divination and reading entrails. Common chart patterns tend to manifest themselves repeatedly. Bollinger bands and moving average analysis has helped me in the past. I think there's something to technical analysis. A lot of people use it and it becomes a self fulfilling prophecy.

To: Bretsky who wrote (8102)	7/16/1999 3:43:00 PM
From: John Carpenter	Respond to of 9523

Another added point is that not all human beings are saints. Some accountants and corporate officers already know what the numbers are. Even if 99.9% of insiders are honest, it only takes one for word to spread. The trading decisions of those who bought or sold on this information are already in the stock. If the chart pattern looks good, a technician may draw further opinions about future price movements. The main argument against this logic is that PFE is such a liquid stock that a few large blocks one way or another won't affect the price. There's also the possibility that everyone is honest and there's no leakage.