Predicting market correction in first quarter of this year, We got over the January 1 fiscal cliff and are now staring into the face of hitting the debt ceiling in two more months. Take your profits and run to the exits.
Sentiment: Strong Sell
When you osted that PFE wouldn't hit $30 on Jan. 8, the stock closed at $26.02. Now less than two months later it is at $27.60 or 40% of the way to $30 from where it was back then.
I would remind you of the nearly-infallible 23.7% minimum annual closing range that has worked WITHOUT EXCEPTION for at leat least the last 31 years. It's pretty hard to go against something that has worked 31 times in the last 31 years but that's what we have here. If $25.85 continues as the 2013 closing low, we should see $32 before the year is out. And even if the closing low for the year is barely over $24, the odds would very heavily favor seeing at least one $30 close.
You have been con sistently wrong about how high PFE will go and you are almost certainly wrong yet again now. Nostradamus you are not.
I can't remember you being right on a single one of your many bearish prognostications. And you are very likely to be wrong on this one as well.
Pfizer keeps testing the $26 level and one of these times it's going to get through there decisively. Once that happens, $26 will then become support instead of resistance.
If Pfizer does break through, the Jan. 3 closing high of $25.85 could be the low close of the year. And if that happens, the nearly-infallible Pfizer 23.7% Minimum Range Theory would call for a high close for the year of no less than THIRTY-TWO. For your information, the Range Theory has worked without fail for at least the last 31 consecutive years. And for all I know, the streak may even go back a lot further as 1982 is the first year where I can check daily prices on the net.
It may be hard to hold this stock down with Cramer touting in two or three times a week and with the euro holding above $1.30.