I don’t own it, but the NFTRH+ segment in NFTRH 464 noted…
“Meanwhile, old friend AMGN is looking interesting these days; somewhat similar to how ABBV looked early this year. If 180 is taken out the target is 210.”
…using this chart…
Boink…
Here is the ABBV chart that it was comp’d to…
I am going to stick to my guns for now with a view that this is ending behavior in the stock market. All those monied interests – like the wrong way Corrigans in the hedge fund community – are chasing everything with a pulse now. Maybe they are window dressing into reporting season (don’t many large funds close the year at September 30?).
Here is how AMGN looks on the daily as dey falls all over dem selves. Could it be da boyz isn’t as smaaht as dey given credit foh? It’s dopey, actually. Where were they with ABBV, GILD or last year, LRCX and AMAT when it was time to be buying?
Well I know one fairly famous former hedge fund guy who tweets and writes a lot and was bearish a year ago and he’s still bearish now. But his pals may be throwing in the towel. And when these guys finally puke, it could signal changes (see Macro Tourist on one big China bear’s capitulation after blowing up his and his investors’ ‘all or nothing’ funds).
This market makes a monkey out of every one of us at one time or another. But the key is to not end up a dead monkey. The key is to be a smarter monkey and not “see” and “do” what the other guy is doing just because you think he is smart. The smarter monkey has evolved to think for himself amid this highly irregular and asymmetrical market environment cooked up by our QE spewing central bank chefs. *
* More money chasing relatively finite assets, after all, has instigated this environment.
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