Sell Pfizer on the News

Today 12/14/20 was the first trading day since Pfizer’s (PFE) Coronavirus vaccine received FDA approval.  The stock dropped sharply.  This a classic example of a stock rallying into an event and then decline after the event. 

This was noted and anticipated in the 12/08/20 post “Pfizer Nearing Resistance”.  A recommendation was made to sell half of the remaining PFE position at the open of trading the next day.  The opening  PFE price on 12/09/20 was 43.07, the high that day was 43.08 and the stock has been in a down trend since that day.  The closing price today was 39.21. 

Daily Stochastic has a clear sell crossover from the overbought zone.  If the Elliott Wave count illustrated is correct PFE could be vulnerable to decline back to the rallies point of origin made on 03/23/20 at 26.43.

Sell the remaining PFE position on the open of trading 9:30 AM – ET – 12/15/20.    

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: