April 15, 2019 5:33pm
As I stated on Friday’s closing post … “straddle that line between the worst, possible and good scenarios and then be prepared for any event, good or bad! No one knows with certainty, how do you invest … to the future and the probabilities are NOT to be TRUSTED!”
Issue, two words: risk appetite
Pre-open indications: 5 HITs and 1 MISS
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Markets and indexes:
- The Dow closed down -27.53 points or -0.10% to 26,384.77
- The S&P closed down -1.83 or -0.06% at 2,905.58
- The NASDAQ was down -8.15 points or -0.10% to 7,976.01
Sector equities closed lower on Monday, banging hard against the bottom as investors digested the lack of conviction!
From Friday’s pontification, “Earnings” season which is approaching will be the catalyst for some sector participants to start declining as they approach “release” dates.”
As I wrote this a.m., “Investors are holding not to lose while traders are just playing through as the need arises. The urge to do nothing makes sense however; the waiting game poses risks of its own. I believe the sector is unlikely to move unless headlines/drivers are supplied in either negative or positive cases! Today might be a good day to sit on your hands, it’s better to do nothing than try to shuffle your portfolio!”
Wall Street also pored through the latest news on the trade front. Treasury Secretary Steven Mnuchin said Sunday the U.S. is willing to take a penalty if it does not comply with a China trade deal once the two countries reach one <CNBC>.
The advance/decline line scenario of 45 covered companies:
- The open was positive with the A/DL to 29/12, 3 flats and 1 acquired (AST);
- The mid-day negative with an A/DL of 10/31 and 3 flats and 1 acquired;
- The close was negative with an A/DL of 14/29 and 1 flat and 1 acquired;
Pre-open post, “run sector run. Today is the annual Boston Marathon that starts right here in Hopkinton, Ma as “Tax Day” inhibits the joy along with the drenching rain. The “field” is wide but, there are few early finishers yet, the key is sustainability and the avoidance of depleted endurance – we are talking about the sector aren’t we? Sentiment is correlated to confidence which is connected to share pricing.”
My pre-open indications: 5 HITs and 1 MISS
- CRISPR Therapeutics (CRSP) closed down -$0.76 – hit;
- Editas Medicine (EDIT) closed up +$0.45 – hit;
- Intellia Therapeutics (NTLA) closed down -$0.17 – hit;
- ReNeuron Group (AIM: RENE) closed flat at $237.00 -0 hit;
- Spark Therapeutics (ONCE) closed up +$0.06 – hit;
- Verastem Oncology (VSTM) closed down -$0.26 – miss;
Cell and gene therapy company’s worst-performers were:
- SAGE (-$2.94), BLUE (-$1.67), GBT (-$1.58), ALNY (-$1.28) and QURE (-$1.11)
Sector equities posting gains were:
- BMRN (+$1.92), ADVM (+$0.59), EDIT (+$0.45), CLLS (+$0.35) and MESO (+$0.19)
Tonight’s percentage (%) indicators:
- Range of the 14 upside was +0.05% (ONCE) to +11.57% (ADVM) while the 29 downside ranged from -0.05% (OSIR) to -9.89% (VSTM).
- 6 out of the 14 upside had higher (than the 3 month average) volume
- 6 out of the 29 downside experienced greater volume (than the 3 month average)
1 flat – RENE.L – with 1 acquired (AST)
The iShares NASDAQ Biotechnology (IBB) indicator:
- Monday was down -0.50%;
- Friday was down -0.76%;
- Thursday was down -1.70 %;
- Wednesday was up +1.10%;
- Tuesday was down -1.61%;
- Last Monday was down -0.43%;
Monday closed NEGATIVE with 29 decliners, 14 advancers, 1 flat and 1 acquired (AST);
Friday closed NEGATIVE with 22 decliners, 21 advancers, 1 flat and 1 acquired (AST);
Thursday closed NEGATIVE with 32 decliners, 11 advancers, 1 flat and 1 acquired (AST);
Wednesday closed POSITIVE with 10 decliners, 33 advancers, 1 flat and 1 acquired (AST);
Tuesday closed NEGATIVE with 34 decliners, 9 advancers, 1 flat and 1 acquired (AST);
Monday closed NEGATIVE with 24 decliners, 18 advancers, 3 flat and 1 acquired (AST);
Friday closed POSITIVE with 12 decliners, 31 advancers, 1 flat and 1 acquired (AST);
Thursday closed NEGATIVE with 30 decliners, 14 advancers, 0 flat and 1 acquired (AST);
Wednesday closed POSITIVE with 16 decliners, 27 advancers, 1 flat and 1 acquired (AST);
Tuesday closed POSITIVE with 11 decliners, 32 advancers, 1 flat and 1 acquired (AST);
Monday (4/1) closed POSITIVE with 19 decliners, 23 advancers, 2 flats and 1 acquired (AST);
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.