Have I talked about drugs? Let's for a moment. Lookie what's up again today... The Pharmaceutical Index... I'm on a first name basis with the druggists at CVS. I have all 10 of my scrips timed to re-order at the start of the month, so I get a nice welcome at the start of each month at my CVS (unusual for a big chain). I am literally on life support by prescription drugs with the anti-rejection meds I'm on post kidney transplant; so I pay attention to this industry. Clearly drug stocks have rallied... broken out as tech has been going into a slo-mo wreck. That I believe is wha 'they' call defensive rotation. The Pharma Holders (PPH) chart is also looking strong, if not stronger.
Futures trades today... I'm taking a breather right now.
IBM... clearly $95 is a magnet since open interest at that strike is over 40,000 contracts for both the expiring January puts and calls. But that open interest will not be enough to keep the stock there if there's a larger wave of market selling later in the day.
For a minute I thought this was a new R&D project by Sirius to eliminate its main competitor... but no, perhaps it's a project of a far larger scale - Chinese R&D to keep it's competitors in check: (China Destroys Orbiting Satellite). This is why it's hard to understand the Alfred E Newman complacency many have toward the prospects for the U.S. Dollar.