June 9, 2017 8:32am
There are dollars on the table and trader’s daggers are out for profit-taking …
… After a head-scratching Thursday …
Sell into strength to come back in the next rotation
Higher open expected
Pre-open indication: nine (9), 3 BUYS and 6 SELLS
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Dow futures are UP +0.17% and NASDAQ futures are UP +0.07%
U.S. stock index futures pointed to a higher open on Friday, following results of the U.K. election, with Theresa May's Conservative party losing its outright majority in parliament.
European markets were hovering around the flatline as investors reacted to a hung parliament in the U.K.'s General Election.
Asian markets close mostly higher; pound weaker on UK hung parliament shrugging- off political uncertainty and close mostly higher
Data docket: wholesale trade is slated to come out at 10.00 a.m. ET,
The cell therapy sector closed NEGATIVE on Wednesday, Tuesday and Monday, POSITIVE on Friday and last Thursday. The cell therapy sector’s record over the last 5 days (of 43 covered companies):
· Thursday closed POSITIVE with 12 decliners, 30 advancers and 1 flat;
· Wednesday closed NEGATIVE with 21 decliners, 16 advancers and 6 flats;
· Tuesday closed NEGATIVE with 19 decliners, 18 advancers and 6 flats;
· Monday closed NEGATIVE with 30 decliners, 10 advancers and 3 flats;
· Last Friday closed POSITIVE with 11 decliners, 31 advancers and 1 flat;
Remembering Thursday’s closing bell newsletter, “political words were a basis for today’s session … Or were all parties trying to “control the narrative”
- Reiterating, “Investors are getting spooked about the lack of ‘form and substance’ ”
What did I see on Thursday, the DOW closed UP +0.04% (+4.84) as the NASDAQ also closed UP +0.39% (+24.38) … while the CBOE Volatility Index (VIX) widely considered the best gauge of fear in the market, near 10.2 … 1.5% lower
- The Nasdaq Composite Index finished at a record on Thursday, marking its 38th all-time closing high in 2017, the highest number of records in a single session for the equity gauge since 1999 <according to WSJ Market Data Group>. On a year-to-date basis, the technology-laden index has registered the most all-time highs since 1986, when it posted 48 closing records by June 8, closing out that year with a tally of 55 closing highs. <MarketWatch>
Call it any way one wants but, after a pump – there is always a dump!
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You’ve made it to the office, turned on the monitor, having just gotten your coffee and it hits you - what could be today’s trades?
Watch list:
- The iShares Nasdaq Biotechnology (IBB) closed up +0.60% on Thursday, and is NOT indicating in Friday’s pre-market;
- The SPDR S&P Biotech ETF (XBI) closed Thursday up +1.12%, was down -0.12% in the after hours and is NOT indicating in Friday pre-market;
- The Health Care Select Sector SPDR ETF (XLV) closed down -0.28% Thursday, and is NOT indicating in Friday’s pre-open;
- The iShares Russell 2000 (IWM) closed up +1.37% on Thursday, and is down -0.26% in the aftermarket while indicating a POSITIVE +4% in Friday’s pre-open
Companies in my headlights:
As the week ends and nervous investors settle down … profit-taking will take center stage …
Applied Genetic Technologies (AGTC) closed up +$0.15 to $5.00 after Wednesday’s flat at $4.85. Thursday’s news helped turn-around this stocks decline. The aftermarket indication is a positive +$0.10 or +2% – Maintaining BUY;
bluebird bio (BLUE) closed up +$1.85 to $111.00 after Wednesday’s $109.15 (+$10.95) following Tuesday’s $98.20 (+$6.90) after Monday’s $81.30 (+$7.15) after last Friday’s $85.15 (+$4.95). There is a week’s worth of upside -$20.85, time to exit (-18.78%) to come back again. The pre-market indication is a negative -$2.40 or -2.16% – BUY to SELL;
Cytori (CYTX) closed up +$0.04 to $1.09 after Wednesday’s $1.05 (-$0.01). CYTX NEVER holds as day traders will trip over any upside. June started at $1.02 with a six (6) session high of $1.10. The aftermarket indication is a negative -$0.01 or -0.92% - BUY to SELL;
Juno Therapeutics (JUNO) closed down -$1.37 to $22.36 after Wednesday’s $23.73 (-$0.47) following Tuesday’s $24.20 (+$0.81) after Monday’s $23.40 (-$2.81) following Friday’s $26.21 (+$1.71). The aftermarket indication is a positive +$0.03 or +0.13% - Maintaining BUY;
Kite Therapeutics (KITE) closed up +$4.57 to $86.67 after Wednesday’s $82.10 (+$5.46) following Tuesday’s $76.64 (+$3.03) after Monday’s $73.61 (-$1.88) following Friday’s $75.49 (+$0.83). There is $12.01 or 13.84% of upside ready to be taken – BUY to SELL;
Mesoblast (MESO) closed up +$0.60 to $8.87 after Wednesday’s $8.27 ($0.52). June started at $7.85 with a three (3) day surge of 26.2% – Maintaining SELL;
Regenxbio (RGNX) closed up +$0.25 to $20.10 following Wednesday’s $19.85 (+$1.15), Tuesday’s $18.70 (+$0.10), Monday’s $18.60 (+$0.10) and last Friday’s $18.70 (+$0.70). There is $2.30 or +14.4% in the pot - BUY to SELL;
Sangamo (SGMO) closed up +$0.40 to $7.65. June has been a good month as The stock started at $7.00 and has steadily appreciated, I’d be selling as May started at $4.85 ended at $6.80 with a high of $8.40 and a low of $4.35 – SELL;
Verastem (VSTM) closed up +$0.08 to $2.20 following Wednesday’s $2.12 (-$0.09) after Tuesday’s $2.17 (+$0.02), Monday’s $2.15 (-$0.04) last Friday’s $2.19 (+$0.01). The aftermarket indication is a positive +$0.03 or +1.36% - Maintaining BUY;
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.
Henry’s comments are for informational purposes only and are not a substitute for personalized advice. Consult your advisor about what is best for you.
