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I think the Sp has been inflated by a big buyer, we may see some correction today. sold my speculative position, will buy back at yesterday's level. SP opened lower after pre-market as well.
Institutions would buy in pre or after markets i would think, this was a weird rally indeed.
I think it is brexit, Bloomberg article was bang on the spike.
https://www.bloomberg.com/news/articles/2020-11-17/brexit-negotiators-zeroing-in-on-trade-deal-as-soon-as-next-week?srnd=premium-europe
The SP did hold in the past because institutions did not sell. This SP went down the toilet after the Saudis sold their 2.90ish position and DOW removed Exxon from the index, triggering an exodus. The million dollar question is , are the institutions back in the game ?
Tacet, this was agreed in 2019 , what is troubling is the PR announcement linked to that specific day, this will get investigated. Europe just bought 300 million doses from Pfizer, the vaccine is effective. From what I know Pfizer charges £25 per dose with expensive storage fees. While the Sanofi vaccine would be sold at a cost around £2 during the pandemic and could be stored in a fridge. Pfizer is just trying to secure purchase orders hence the PR announcement, but a cheap vaccine is the answer to global recovery.
Some Majors like Shell when ex-div, hence the drop I would think. The word in the News is to start rotating stocks to Recovery/Cyclical. People are still reluctant in selling tech, but it will happen. I think the up trend is there, sell at the resistance level and buy 1% above floor , eventually, you can make 5%. Waiting to see tomorrow's pricing.
I am still in too at a higher sp, and there is nothing wrong at taking profit. The risk is now the climate change and carbon zero retoric bite at us. I agree with Tacet, if the sp closes above 212 this week, we may be up for an other leg.
I sold my 204 position at 233 when it bounced back at 235, Tacet did call the resistance right. Good profit day + dividend. Reactions to Russian and Chinese vaccines did not last long, the fundamentals are still gloomy. Gla.
Tacet you are thinking short term. I am not a pensionner, but 8% cash back to hold a stock and wait for better days is a no brainer for me. If fracking goes out of business it will be a huge win for the industry, lets hope Sleepy Joe punishes Texas for not voting for him.