Forgive me guys for not understanding your decision to short LLY. LLY is still getting "Legs" in their PPS out of the supposed Solanezumab scare. It is not DOA. Investors are still seeing life for Alzheimer's mitigation with this drug. The pop is simply this, and a continuation is possible as investors come on board for a long awaited hope for this terrible disease.
Technically,MACD is pointing up, Stochastics is pointing up, its not hitting the top BB yet, it is getting oversold, which is in your favor, but I am assuming you are making this trade for two things only...the pop in PPS and the report about the drug...I don't see it...
There is definite rotation into the pharm/HC sector, Just looking for a partial point giveback off the gap up. I was late in the day for it though after it already drifted down .3 Betting against sector rotation is never a winner, not until the shine boy makes his recommendation.
I think you mean overbought?
A couple days ago price looked strong and I got back out of my put position on a slight dip. This time I think there will be short term profit taking to depress for a few days. If it goes the other way, I am back out with a loss to try again. They have to correct on one of these gaps, and oh yes, mister, I will be there. He says in a bad Eastwood drawl.
ACAS closed a three year high today. I was hoping they would stay down until opex.