January 20, 2019 11:40am
The mother of the sector relies on the future
In many companies, the upside share pricing history could be weakening!
Pre-open Indication: 3 HITs and 0 MISS
U.S. stock and bond markets on Monday will be closed in observance of the Martin Luther King Jr. holiday
Outspoken and just right again!
RMi outlines preludes and aftermaths defining the daily dose of facts, investment thesis and objectivity!
The 6 W’s: Who, what, where, when, why and what of it … so who has been where, done what?
- The Dow closed up +162.94 points or +0.67% to 24,370.10
- The S&P closed up +19.85 points or +0.76% to 2,635.96
- The NASDAQ was up +49.77 points or +0.71% to 7,084.46
Sector equities slid easily to the upside as volume remains low!
The Dow and S&P 500 posted their fourth straight week of gains, their longest since August. They both gained more than 2%. Stocks are also up sharply to start the year. In fact, 13 trading days in, it's the best start to a year for the S&P 500 since 1987 <Bespoke Group>.
The question to be answered next week, will be … have the oversold become the overbought?
From the morning post: “selective evidence … Of sustainability and lowering resistance. U.S. stock and bond markets on Monday will be closed in observance of the Martin Luther King Jr. holiday; a reason to not be too long.”
I also stated, “Sentiment is fickle as it is dependent on trading, NOT investing!”
Pre-open indications: 3 HITs and 0 MISS
- AxoGen (AXGN) closed up +$0.67 – hit;
- Editas Medicine (EDIT) closed down -$0.07 – hit;
- Intellia Therapeutics (NTLA) closed up +$0.28 – hit;
The advance/decline line scenario of 45 covered companies:
- The open was positive with an A/DL of 28/14 and 3 flats;
- The mid-day was positive with an A/DL of 28/16 and 1 flat;
- The close was positive with an A/DL of 30/13 and 2 flats;
Leading gainers: BLUE (3rd session), SAGE (3rd session), ALNY, RENE.L and RGNX (2ndsession)
Largest losers: FIXX (again), SLDB, FATE, BLFS and VYGR
Tonight’s percentage (%) indicators: thin
- Review the range of the 30 upside from +0.06% (HSGX) to +9.97% (CUR +$0.037) while the 13 downside ranged from -0.18% (CLLS) to -8.04% (ONVO) with 2 flat closes (BLCM and PSTI).
Volume stat: low
- 10 out of the 30 upside had higher (than the 3 month average) volume
- 4 out of the 13 downside experienced greater volume (than the 3 month average) volume
Daily sector metrics:
… Greatest volume (descending) to the downside:
- ONVO, BTX, FATE, EDIT and SLDB
… Upside volume was weighted to:
- XON, HSGX, VSTM, BMRN and IONS
… Weakness ($) to the downside:
- FIXX (-$0.95), SLDB (-$0.90), FATE (-$0.53), BLFS (-$0.44) and VYGR (-$0.24)
… Moves ($) to the upside:
- BLUE (+$3.46), SAGE (+$3.33), ALNY (+$2.44), RENE.L (+$2.00) and RGNX (+$1.83)
… The week’s history lesson, the iShares NASDAQ Biotechnology (IBB) closed:
- Friday was up +0.62% after NOT indicating in the pre-open
- Thursday was up +1.65% after NOT indicating
- Wednesday was down -0.28% after NOT indicating
- Tuesday was up +1.93% after indicating POSITIVE +0.27% upside in the pre-open;
- Monday was down -1.69% after NOT indicating in the pre-open;
- Last Friday was up +0.10% after NOT indicating;
Friday closed POSITIVE with 13 decliners, 30 advancers and 2 flats;
Thursday closed NEGATIVE with 22 decliners, 20 advancers and 3 flat;
Wednesday closed POSITIVE with 20 decliners, 23 advancers and 2 flat;
Tuesday closed POSITIVE with 11 decliners, 33 advancers and 1 flat;
Monday closed NEGATIVE with 32 decliners, 10 advancers and 3 flat;
Friday closed NEGATIVE with 23 decliners, 20 advancers and 2 flat;
Thursday closed POSITIVE with 19 decliners, 24 advancers and 2 flat;
Wednesday closed POSITIVE with 18 decliners, 26 advancers and 1 flat;
Tuesday closed POSITIVE with 18 decliners, 26 advancers and 1 flat;
Monday closed POSITIVE with 7 decliners, 38 advancers and 0 flats;
Friday closed POSITIVE with 5 decliners, 40 advancers and 0 flats;
Thursday closed NEGATIVE with 32 decliners, 11 advancers and 2 flats;
Wednesday (1/3/19) closed POSITIVE with 11 decliners, 34 advancers and 0 flats;
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.