July 11, 2019 8:16am
The sellers are chasing,buyers are hesitant, funds aren’t moving and investors are not motivated
Pre-open Indications: 0 BUY and 5 SELLs
The sector is what it is, until it isn’t and even then it doesn’t seem to be…
A daily analytic discipline is constructed by period updates and specific warnings of emerging situations and issues
Dow futures are UP +0.33% (+88 points), S&P futures are UP +0.21% (+6 points) and NASDAQ futures are also UP +0.21% (+17 points)
U.S. stock index futures were bouncing yet, still up on Thursday morning, on the back of comments by Fed Chair Powell;
European stocks are up on same reason as the pan-European Stoxx 600 climbed 0.3% by mid-morning;
Asia Pacific stocks were mixed or rose fractionally;
Data docket: weekly jobless claims and inflation figures out at 8:30 a.m. ET and federal budget numbers are due at 2 p.m.
I don’t have much to say other the … CAUTION!
We've all experienced "gut churn”! It's that feeling when your stomach stops to function, while you anticipate or wait for something versus anything to happen.
What am I doing today – sitting and watching!
I am not lazy in defining any upside or downside; but where is the news from “our’ Universe?
From Wednesday’s post, “the sector follows the markets; volume was low. Investor gains flowed from the Fed’s dovish outlook on interest rate policy; but, what’s going to keep share pricing at these levels for a period longer than one to two sessions?”
- The NASDAQ was up +60.80 points or +0.75% to 8,202.53;
- The close was positive with an A/DL of 25/16 and 2 flats and 2 acquired;
- The range of the 25 upside was +0.05% (AXGN) to +7.84% (RENE.L) while the 16 downside ranged from -0.56% (BLCM) to -6.14% (ONVO);
- 4 out of the 25 upside had higher than the 3 month average volume;
- 4 out of the 16 downside had higher than the 3 month average volume;
- The iShares NASDAQ Biotechnology (IBB) indicator: Wednesday closed down -0.28% following Tuesday’s +1.02% after Monday closed down -1.36%;
Q3/19 so far:
- there were 2 positive, 1 holiday and 5 negative closes;
Companies in my headlights – It’s your decision; I provide an idea and context:
Adverum Biotechnologies (ADVM) closed up +$0.76 to $15.65 following Tuesday’s -$0.01 to $14.89 after Monday’s +$2.74 to $14.90. ADVM has seen a robust preliminary anatomical response, with no serious adverse events, from the first cohort of patients in the OPTIC P1 clinical trial. The 24-week data from the first cohort of patients with wet AMD treated with a single intravitreal injection of its novel gene therapy ADVM-022; the chart looks a little “spikey” – Maintaining SELL;
The CRIPERS are reacting better: CRISPER Therapeutics (CRSP +$1.80) – the chart looks “peaky” with only a $2.52 or +0.05 premium in 3 sessions; Editas Medicine (EDIT +$0.46) with a chart that is stumbling and a +$0.97 or +0.04% premium in three sessions followed by Intellia Therapeutics (NTLA +$0.32) with slow and bouncing chart and a +$0.98 or a +15% premium in three sessions. Investors sold CRISPR stocks in May and went away, but had reason to come back in June. Shares of CRISPR Therapeutics (CRSP) led the gene-editing trio with a gain of 32.4% last month according to data provided by S&P Global Market Intelligence. That was followed monthly gains by shares of Editas Medicine (EDIT) of +20.4% and Intellia Therapeutics (NTLA) of +17.9%. – I’d be selling as the proximity to earnings release gets closer.
ReNeuron (RENE.L) closed up +$20.00 to $275.00 following Tuesday’s +$15.00 to $255.00 after Monday’s +$10.00 to $240.00. RENE.L has a timing differential with the US market of -$33.00 in the pre-market – BUY to SELL
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.