January 23, 2019 5:22pm
As algorithms call the “ball” of the sector so, which set of “rules” are they “machining”
… Buyer’s capitulation!
Today reinforces my belief in the mythology legend of Icarus, who dared to fly too near the sun on wings of feathers and wax – like share pricing that melted away today!
Pre-open Indication: 3 HITs and 4 MISS
RMi’s independent analysis is NOT “married” to any equity; like it or not - a trusted source of factual reporting. A BUY or a SELL can change in hours in our research notes!
The 6 W’s: Who, what, where, when, why and what of it … so who has been where, done what?
- The Dow closed up +171.14 points or +0.70% to 24,575.62
- The S&P closed up +5.80 points or +0.22% to 2,638.70
- The NASDAQ was up +5.41 points or +0.08% to 7,025.77
Sector equities got pounded as gains were hard to find; top gainer – OSIR (+$0.45).
The biotech/ RegMed sector had 1 make (ATHX +$0.14) – having news and a big break (SAGE -$6.55) in dominant equities; it’s a reiteration of Tuesday’s A/DL (7/36 and 2 flats) versus today’s of 8/36 and 1 flat.
I STILL believe the sector is OVERSOLD!
The market is still a scrum and field sport; take a hit again then again to come back another session.
An old “militarism”, “it is what it is until it isn’t”!
Upcoming issue that is grumbling early - the LPS (loss-per-share) earnings reporting cycle begins 2/7 with Organovo Holdings (ONVO).
The pre-open post of – “the phoenix rises as “some” of the CRISPRs upsurge … While the oversold should flaunt their “stuff” as US futures point to an upbeat open, after Tuesday’s sharp losses.”
From the mid-day post: “market forces aren’t the only factor snookering the sector; the opening was about the “feeling” of the oversold but, the reliance of trust versus conviction pushes the session … yet the “bottoms” are being bought!”
Pre-open indications: 3 HITs and 4 MISS
- Athersys (ATHX) closed up +$0.20 – hit;
- Caladrius Bioscience (CLBS) closed down -$0.11 – hit;
- Cellectis (CLLS) closed down -$0.19 – miss;
- CRISPRS Therapeutics (CRSP) closed down -$1.68 – hit;
- Editas Medicine (EDIT) closed down -$0.85 – the BAD news was NOT behind them - miss;
- Intellia Therapeutics (NTLA) closed down -$0.38 – miss;
- uniQure (QURE) closed down -$0.09 – miss;
The advance/decline line scenario of 45 covered companies:
- The open was positive with the A/DL to 32/10 and 3 flat;
- The first hour dived neutral with an A/DL of 22/22 and 1 flat;
- The 12 pm hour fell dramatically with an A/DL of 10/32 and 3 flats;
- The mid-day stayed negative with an A/DL of 9/34 and 2 flat;
- The close continued negative with an A/DL of 8/36 and 1 flat;
Leading gainers: OSIR, BLFS (again), ATHX, VSTM and BCLI
Largest losers: SAGE (again), BLUE (again), SLDB, BMRN and RARE
Tonight’s percentage (%) indicators: squeaky
- Review the range of the 8 upside from +0.12% (VYGR) to +14.39% (ATHX) while the 36 downside ranged from -0.03% (AST) to -10.39% (SLDB) with 1 flat close (RENE.L).
Volume stat: low
- 2 out of the 8 upside had higher (than the 3 month average) volume
- 6 out of the 36 downside experienced greater volume (than the 3 month average) volume
Daily sector metrics:
… Greatest volume (descending) to the downside: the usual suspects
- MDXG, HSGX, EDIT, CRSP and XON
… Upside volume was weighted to: barely
- ATHX, VSTM, PSTI, VYGR and BLFS
… Weakness ($) to the downside: deep
- SAGE (-$6.55), BLUE (-$5.36), SLDB (-$2.66), BMRN (-$2.08) and RARE (-$1.93)
… Moves ($) to the upside: weak
- OSIR (+$0.45), BLFS (+$0.20), ATHX (+$0.20), VSTM (+$0.16) and BCLI (+$0.14)
… The week’s history lesson, the iShares NASDAQ Biotechnology (IBB) closed:
- Wednesday was down -0.84% after indicating a negative -0.17% in the pre-open and -1.10% at the mid-day;
- Tuesday was down -1.58% after NOT indicating in the pre-open
- Monday was a market holiday
- Friday was up +0.62% after NOT indicating in the pre-open
- Thursday was up +1.65% after NOT indicating
- Last Wednesday was down -0.28% after NOT indicating
Wednesday closed NEGATIVE with 36 decliners, 8 advancers and 1 flat;
Tuesday closed NEGATIVE with 36 decliners, 7 advancers and 2 flats;
Monday was a market holiday;
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.