Longs in Pfizer (PFE) are no doubt going to have another sleepless night tonight. Judging by this chart and all that the company had riding on torcetrapib there is sure to be a retest of long term support in the neighborhood of $22.
Options volume had been extremely heavy on Friday just a day after the company indicated there were no apparent glitches with the torcetrapib trial. With the stock up Friday on pipeline optimism nearly 17k Dec27-1/2 calls traded vs 14k puts... open interest also favored the bullish side by nearly 2 to 1.
Since Pfizer is a component of the 30 stock Dow Jones Industrial Average, a $5 gap down will slice an instant 40 points off the Dow on Monday morning.