July 5, 2018 5:27pm
I said the sector would be “quirky” and the session and its final hours proved it
Pre-open indications: 1 HIT and 3 MISS (CRSP, NTLA and EDIT were up, down, up and all over the map – selling into early strength supported the weekend’s hot dogs on the grill – so right yet again)
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Henry’omics:
Trading was lighter than normal, with many market participants still out for the Fourth of July break, for which U.S. markets were closed on Wednesday.
- The sector rode the carousel today better than a few I’ve seen in a while!
The sector is trading on pure low volume SPECULATION versus ANY headlines.
Which means what …?
- The overbought are about to have another come-“downance” (my word)!
I say … TIGHTEN your belt, go short, put your wallet in the draw, GRID your loins for the coming weeks and STAY-AWAY from gene editing stocks …!!
From the pre-open newsletter titled …“; momentum has moved the sector. Can it continue with the low volume spurts? With macro and tariff issues hanging; some days, it’s just about trying to understand which side of the trade to be on or be ready for?
I also stated, “Does one REALLY want to be thinking of HOT equities in this holiday laden Thursday with Friday approaching – I’d be LIGHTENING the “load” of many – low volume “run-ups” scare me into being (SELL) trigger happy! Thursday should be quirky …!”
Of the 45 companies covered on Thursday; 18 downside equities finished in a range of -$0.02 (CUR) to -$2.10 (GBT) while the 23 upside equities oscillated from +$0.01 (HSGX) to $4.75 (BLUE) with 4 flat close.
MY working trend (5 largest) lines:
… The greatest volume to the downside: MDXG, GBT, VSTM, XON and VCEL
… Upside volume was weighted to: SGMO, EDIT, CRSP, BMRN and NTLA
… Biggest $ downside: GBT (-$2.10), QURE (-$1.35), ALNY (-$0.57), BOLD (-$0.46) and RGNX (-$0.40)
… Best moves to the $ upside: BLUE (+$4.75), AXGN (+$1.04), RENE.L (+$0.50) and CRSP (+$0./48) and
… Flats: IONS, AST, PSTI and ADVM
The weekly count - decliners versus gainers – new month:
……. look at the differences in decliners:
- Thursday’s decliners ranged from -0.18% <BLFS -$0.03 > to -5.51% < MDXG -$0.22> in 18 equities;
- Wednesday was a holiday
- Tuesday’s decliners ranged from -0.14% <RARE -$0.11 > to -5.97% <BSTG -$0.27 > in 9 equities;
- Monday’s decliners ranged from -0.20% <AXGN -$0.10> to -38.5% <MDXG -$2.46> in 15 equities;
Versus
… Look at the percentage’s (%) and spreads …
- Thursday’s gainers ranged from +0.03% <EDIT +$0.01> to +9.46% < KOOL +$0.0038> in 23 equities;
- Wednesday was a holiday
- Tuesday’s gainers ranged from +0.55% < ALNY +$0.54> to +11.41% <BLFS +$1.71 > in 33 equities;
- Monday’s gainers ranged from +0.04% <AST +$0.00> to +31.38% <BLFS +$3.58 > in 27 equities;
Daily analytics and metrics:
- The Dow rose 181.92 points to 24,356.74,
- The S&P 500 gained 0.9% to close at 2,736.61.
- The NASDAQ advanced 1.1% to 7,586.43.
The advance/decline line scenario of 45 covered companies:
- The open was positive with an A/DL of 25/17 and 3 flats;
- 10:30 a.m.: saw a negative dive with an A/DL of 14/30 and 1 flat;
- The mid-day was negative with an A/DL of 17/26 and 2 flats;
- The close was surprising positive with an A/DL of 23/18 and 4 flat;
Pre-open indications: 1 hit and 3 miss
- UniQure N.V. (QURE) closed down -$1.35 – hit;
- CRISPR Therapeutics (CRSP) closed up +$0.48 – miss;
- Intellia (NTLA) closed up +$0.09 – miss;
- Editas Medicine (EDIT) closed up +$0.01 – miss;
The CBOE Volatility Index (VIX) widely considered the best gauge of fear in the market,
- Thursday traded at 15.15, down -6.13%
- Wednesday was a holiday;
- Tuesday traded at 16.14, up +3.46%
- Monday traded at 15.6, down -3.05%
The iShares Russell 2000 (IWM) closed:
- Thursday was up +1.15%;
- Wednesday was a holiday;
- Tuesday was up +0.40%;
- Monday was up +0.68%;
The iShares NASDAQ Biotechnology (IBB) closed:
- Thursday was up +1.26%
- Wednesday was a holiday;
- Tuesday was down -0.09%
- Monday was up +0.79%
JULY sessions:
Thursday closed NEGATIVE with 18 decliners, 23 advancers and 4 flat;
Wednesday was a holiday;
Tuesday closed POSITIVE with 9 decliners, 33 advancers and 3 flat;
Monday closed POSITIVE with 15 decliners, 27 advancers and 3 flat;
Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors. All investments are subject to risks. Investors should consider investment objectives.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.
