November 20, 2019 8:35am
We are continually having sentiment being dependent on a trade and tariff deal
Financings: CRISPR Therapeutics (CRSP closed up +$9.93 and is down -$2.84 or -4.15% in the pre-market, so far) is commencing an offering of 4,250,000 common shares. In addition, the underwriters will have a 30-day option to purchase up to 637,500 additional common shares at the public offering price less the underwriting discount. Goldman Sachs & Co. LLC, Piper Jaffray & Co. and Jefferies LLC are acting as joint book-running managers for the offering.
MY pre-open indications: SELL – CRSP, ALNY, GBT and RENE.L
Yesterday’s indications: 6 HITs* and 1 MISS*
After the hop-scotch week, who is willing in their right mind to be LONG – the index boulders are weakening on “Sentiment Mountain”!
Where the canaries in the sector coal mine, am I the only one?
Dow futures are DOWN -0.32% (-90 points), S&P futures are DOWN -0.28% (-9 points) and NASDAQ futures are DOWN -0.36% (-30 points)
U.S. stock index futures were lower;
European stocks traded lower with the pan-European Stoxx 600 dropping -0.8% by mid-morning;
Asia Pacific stocks declined led by Australia’s S&P/ASX 200 and South Korea’s Kospi;
Data Docket: investors are waiting minutes from the Federal Reserve’s October policy meeting at 2 p.m. The U.S. central bank decided to lower the federal funds rate by 25 basis points to a range of 1.5% to 1.75% late last month.
China’s foreign ministry on Wednesday also lashed out at the U.S. after the Senate unanimously passed a bill supporting Hong Kong protesters.
Stateside, traders will also have an eye on impeachment proceedings against the president after another explosive day of public testimony from Lt. Col Alexander Vindman and other officials on Capitol Hill.
I have reached a point that … nothing can be trusted … it’s all about self-interest or its perception of ulterior motives!
Tuesday night’s newsletter heading: “the sector is showing strength, until trends show evidence of weakening, trading is playing the uptrend and until it pays to sell any upside!”
Last night’s post for back-up for this morning’s focus:
- The NASDAQ closed UP +20.72 points (+0.24%);
- The IBB closed up +2.21% while the XBI closed up +2.18%;
- The range of the 34 upside was +0.16% (ONCE) to +16.87% (CRSP) while the 7 downside ranged from -0.13% (AXGN) to -2.11% (CLBS);
- 15 out of the 34 upside had higher than the 3 month average volume;
- 2 out of the 7 downside had higher than the 3 month average volume;
- Yesterday’s pre-open prognoses: SELL – CLBS (-$0.06), CRSP (sold into strength and thoughts of a possible offering), RENE.L (-$2.50), SGMO (sold into strength), STML (sold into strength) and ALNY (sold into strength); BUY – SAGE (+$2.00) and AXGN (-$0.02);
Review the context of Q4’s market – so far:
- November has registered 6 positive and 7 negative close;
- October registered 10 positive, 1 neutral and 14 negative closes;
Companies in my headlights – It’s your decision; I provide an idea and context:
Today - MY pre-open indications: SELL – CRSP (offering), ALNY, GBT and RENE.L;
Yesterday’s pre-open prognosis: SELL into strength and news: CLBS, CRSP (a “gut” feel an offering was coming), RENE.L SGMO, STML and ALNY – depending on entry pricing
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.