A deflationary outcome where the US falls behind the rest of the world (China) is simply not an option. Therefore, the government is handing out money left and right at the moment, and industry is a clear target of that money, starting with vaccines.
Pfizer Gets $1.95 Billion to Produce Coronavirus Vaccine by Year’s End – 7/22/20
nytimes.com/2020/07/22/us/politics/pfizer-coronavirus-vaccine.html
Clearly someone knew and sold the news. But there is a bull flag under resistance now to watch. Over 39 and it can get going. Over 40 and it probably wants to see new all time highs.
That said, the MACD is crossing down so this is not risk free. The general markets are also very overbought, but they can remain so if that is the will of the government.
Pfizer Gets $1.95 Billion to Produce Coronavirus Vaccine by Year’s End – 7/22/20
nytimes.com/2020/07/22/us/politics/pfizer-coronavirus-vaccine.html
Clearly someone knew and sold the news. But there is a bull flag under resistance now to watch. Over 39 and it can get going. Over 40 and it probably wants to see new all time highs.
That said, the MACD is crossing down so this is not risk free. The general markets are also very overbought, but they can remain so if that is the will of the government.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.