a lil frustrated....but time will sort things out...and PM WILL move higher and people will miss the pop and regret it....i am amazed how many people comment on a dails basis on PM...this is a loooong term story 4-5 yr double your money story...don't get caught up in short term noise
Trading was HEAVILY impacted by the financials rally. So much $ had been sitting in PM for protection - it shifted in to financials on some sentiment of a bottom. JMO.
Notice how none of the financial channels have mentioned PM this AM? Bloomberg, CNBC, FoxBusiness... They've been whooping it up about PFE, MCD, financials... General Dynamics was just mentioned on CNBC. But no mention of PM. Ha ha. Maybe management wants to keep quiet for cheaper buy-backs... They did over 2B of a 13B two year program in three weeks. At that rate, the buyback would be completed by November.
Totally agree...it was pretty obvious how this stock traded the past few weeks and the price moved inversely to how the financials performed.
Now that the "credit crunch" has made it more difficult for hedge funds/banks to trade on margin, these institutions needed to sell positions to raise capital to invest. PM was sold off so these guys could make a quick fortune in the beaten down financials.
Now it's time for the money to start pouring back in..