During the slide since 3/17 there have been many days like today when the stock would start with a small advance, then sell down during the day, then come back off the lows but still close the day for a loss. IMO as the shorts recognize that ABT is in a downtrend, and on many days like today they have driven the price down during the day selling short, then covered their positions at the end of the day. I still don't understand why there is typically a small gain on ABT at the start of trading most days. Since this happens most days, I don't understand why anyone would pay up to buy ABT at the start of trading, unless this is some kind of pre-programmed buy. Any ideas?
Snug, It seems strange that this would occur routinely. I have no idea why unless a very large custodial company is holding trades in our segment; that seems unlikely since execution is their pay day!? Creper
Plute, Kiki has correctly called the ABT buy in upper $30's, sell in low $40's. Except for first half '05 excursion into upper $40's, this has been a correct tactic since Abbott dropped in mid-'02. Snug