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CVS Caremark Corporation Message Board

  • cmc587 cmc587 May 18, 2010 1:26 PM Flag

    Breakdown at $35.51 so watch volume.

    CVS has broken the $35.51 support level three times and rallied to close above it on the same day. As a general trading rule (so I've heard), on the fourth break, either sell or lighten the load. So, if the funds and institutions are watching CVS' "relative strength" continue to weaken without their collective "buy" participation, VOLUME TODAY AND TOMORROW WILL BE ABOVE NORMAL AND CVS WILL TAKE A HIT. As you can see, there are some significant blocks out there today and all on the "SELL." What do you think, Basher? I know you sold out 2 weeks back (VERY WISE MOVE) when you saw CVS linger back to it's "sector laggard" position. You can see once again that CVS does NOT participate in the overall growth of the other PBMs. Good in that MHS did not "pick our pockets for billions" but there were no significant wins and season is about done. On the other hand, WAG took on a "biggie" with Duane Reade and now has stabilized. So, it appears to me that short-term, CVS has little margin for growth and much potential to "revisit the next support level.' I have found two: $31.55 and then $29.70. I cannot see either absent a general market sell-off but CVS is certainly not a "buy" at $35 for a while. Too bad I hold this stock with a basis of a few bucks. I like that wise play with VVUS. Take a look at CVM but "long term."

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