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Stock Updates: Eli Lilly, Gilead Sciences, and Marathon Petroleum


Right now, Eli Lilly looks neutral, Gilead appears to be overbought, and Marathon is approaching overbought.

MINYANVILLE ORIGINAL We received a lot of emails yesterday regarding Eli Lilly (NYSE:LLY). People wanted to know what to do after yesterday's 5% move higher. Back on August 27 we alerted readers that Eli Lilly should be bought as the name moved to a Strong Buy from Buy. Since getting long the name, the stock is now up 15.78%

We sold 50% of the position when it hit the Approaching Overbought level, and we remain long the remaining exposure. Right now the name is Neutral on our countertrend indicator, and we would look to reduce the rest of the position at an Overbought level. At this juncture, remain long.

Last week, on October 3 we wrote an article about the strongest names in the health care sector. One name we received a lot of emails about was Gilead Sciences (NASDAQ:GILD). People wanted to know why we would sell it if it was rated a Strong Buy. Our proprietary models suggest on the countertrend measures that if a stock becomes Overbought, we reduce 100% of that position. For investors that got long when the stock moved from a Buy to a Strong Buy, that meant they were up 38%. How much more gain do we need to risk for further upside? We will revisit this name once we get a Neutral reading on the countertrend indicator.

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No positions in stocks mentioned.
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