$LLY, TWO WEEKS LATER
Thirteen days ago I wrote that $LLY had cooled and I was waiting, not chasing. The demand had dried up, its leadership slipped, the cycle turned to caution. The base was intact, but the moment was gone. Here is the follow-up, because the tape had the final say.
$LLY did not come back. It got weaker. On my scanner it went from a wait to a skip. The demand still has not returned, the buying volume is flat on the floor. Its relative strength slipped further, it is still not leading. It is still sitting in the caution zone, not strength. The one thing holding firm is the same as before, the ownership, the institutions still hold it. So the foundation is intact and everything on top of it is still soft. It closed near 1138, and the clean entry I said I was waiting for never formed.
That is the whole point. A great company whose moment has not arrived is not a trade, it is a wait. Chasing $LLY two weeks ago would have been chasing a memory of strength, exactly what I said. Patience was the position, and it still is.
Not investment advice. 🐝
