March 7, 2019 5:29pm
As I had posted this a.m., “After another oversold session, the depth of volatility should determine some upside.”
Many talk about a “golden cross” as an indicator but, it signals investors what has already happened and ... isn’t as predictive in the short and near terms
The IBB drifted downward -0.66% after four (4) down sessions while 11 out of the 29 upside had higher (than the 3 month average) volume and 3 out of the 14 downside experienced greater volume (than the 3 month average)
Pre-open indications: 5 HITs and 2 MISS (1 by a penny)
It’s not hard to be right so often, it’s about refining expectation, defining insight and NOT being indentured to ANY financial institution! That’s why my “quantamental” blend of styles; must become the “tool” for investors and traders to portfolio enrichment.
The 6 W’s: Who, what, where, when, why and what of it … when the “numbers” explain share pricing!
Markets and indexes:
- The Dow closed down -200.23 points or -0.78% to 25,473.23
- The S&P closed down -22.52 points or -0.81% to 2,748.93
- The NASDAQ was down -84.46 points or -1.13% to 7,421.46
The sector is soft and up but, not as much as the market went down although stocks are breaking even for the year with today's gains.
The S&P 500 and Dow are both up more than 9% this year while the NASDAQ has risen about 11.9%.
From the title, “the golden cross formation, which is widely viewed as an upbeat signal, comes amid a torrent of market indicators suggesting stocks aren’t entirely primed to explode substantially higher and could even break lower.”
- Many technicians believe that when the 50-day average crosses above the longer-term 200-day line, that this relatively rare event marks the point where a shorter-term rebound morphs into a longer-term uptrend;
- There is a differentiation with a death cross which occurs when the 50-day falls beneath the 200-day, forms a bearish chart pattern, which did occur back in December, with that downtrend culminating in the broader U.S. equity market’s suffering the worst trading day before Christmas <MarketWatch>.
Notice ... the alteration of positive and negative closes so far ... during the month of March!
Pre-open post, “where is the belief in the hope for a cure of disease and what is the return of funds invested? Certainly not in share pricing after another oversold session, the depth of volatility should determine some upside.”
The advance/decline line scenario of 45 covered companies:
- The open was negative with the A/DL to 17/26 and 2 flats;
- The mid-day was positive with an A/DL of 31/13 and 1 flat;
- The close was positive with an A/DL of 29/14 and 2 flats;
Pre-open indications: 5 HITs and 2 MISS
- Alnylam Pharmaceuticals (ALNY) closed down -$1.38 – miss;
- CRISPR Therapeutics (CRSP) closed up +$0.31 – hit;
- Editas Medicine (EDIT) closed up +$0.23 – hit;
- Intellia Therapeutics (NTLA) closed flat at $0.00 – hit;
- BioTime (NYSEMKT: BTX) closed up +$0.08 – hit;
- ReNeuron (RENE.L) closed down -$3.00 – hit;
- Verastem Oncology (VSTM) closed down -$0.01 – miss;
Bouncing to the upside:
- QURE (+$4.66), RGNX (+$1.77), FIXX (+$1.50), SAGE (+$0.81 after yesterday’s -$4.71 after Tuesday’s -$1.17, Monday’s -$3.43 and Friday’s -$0.24) and IONS (+$0.83)
Leading the pack to the downside:
- STML (-$0.58), AGTC (-$0.17), AST (-$0.037), RENE.L (-$3.00) and BLUE (-$4.60 after yesterday’s -$6.32 after Tuesday’s -$2.01 and Monday’s -$3.83)
- BSTG and NTLA
Tonight’s percentage (%) indicators:
- Range of the 29 upside was +0.01% (ONCE) to +9.11% (XON) while the 14 downside ranged from -0.35% (VSTM) to -5% (STML).
- 11 out of the 29 upside had higher (than the 3 month average) volume
- 3 out of the 14 downside experienced greater volume (than the 3 month average)
The iShares NASDAQ Biotechnology (IBB) indicator:
- Thursday was down -0.66% after NOT indicating;
- Wednesday was down -3.13% after NOT indicating;
- Tuesday was down -0.52% after NOT indicating;
- Monday was down -0.96% after indicating a POSITIVE +0.4% in the pre-market;
- Friday was up +2.10% after NOT indicating;
- Last Thursday was down -1.23% after indicating a NEGATIVE -0.49% downside;
Thursday closed POSITIVE with 14 decliners, 29 advancers and 2 flats;
Wednesday closed NEGATIVE with 39 decliners, 5 advancers and 1 flat;
Tuesday (3/4) closed POSITIVE with 17 decliners, 23 advancers and 5 flats;
Monday (3/1) closed NEGATIVE with 24 decliners, 18 advancers and 3 flats;
Friday (3/1) closed POSITIVE with 11 decliners, 32 advancers and 2 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.