June 18, 2020 7:56am
Not going to find it in this market as timing is more important these days; if you haven’t minimized your risk – you’re toast
What I provide is an intelligence daily. Where are the canaries in the sector coal mine, am I the only one?
Subscription is coming, it’s not conscription but, an offer to join our collective of like-minded investors who make money and for those who read and don’t weep!
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Dow futures are DOWN -0.61% (-158 points), S&P futures are DOWN -0.59% (-18 points) and NASDAQ futures are DOWN -0.28% (-28 points)
Futures on the Dow, S&P and NASDAQ implied a negative open;
European stocks fluctuated after a Chinese Centers for Disease Control and Prevention expert said the new coronavirus outbreak in Beijing was now under control as the pan-European Stoxx 600 recouped its losses to briefly turn positive, before sliding 0.2% below the flatline again.
- And the U.S. and EU believed them?
Asia Pacific stocks declining as investors weigh up the implications of a recent surge in Covid-19 cases as only Mainland China and India rose slightly and the MSCI Asia ex-Japan index was largely flat.
Data docket: New jobless claims data is set to come out Thursday morning, offering an update on the pace of the labor market’s recovery from the pandemic. Economist expected a total of 1.30 million new filings for the week ending June 13, a decline from 1.54 million from the prior week.
- On the economic data front, Australia’s unemployment in May rose to 7.1%, the highest since October 2001, according to a release by the country’s Bureau of Statistics
- Meanwhile, the Asian Development Bank (ADB) said in a Thursday news release that developing Asia will “barely grow” in 2020.
Keep the market life preservers on to float in the choppy (trading) seas.
The Dow and the S&P 500 have gained more than 2% each this week so far, while the Nasdaq has risen about 3.3% - so what is sustainable.
Wednesday’s night post’s title: “my post challenged optimism as to how long; then the sector flip-flopped.”
- The NASDAQ closed UP +14.66 points (+0.15%);
- The IBB closed +0.37% and XBI also closed up +0.08%
- Wednesday opened positive and closed negative;
- Sector volume continued LOW with 3 out of the 13-upside having higher than the 3-month average volume and 4 out of the 21-downside having higher than the 3-month average volume;
- Wednesday’s percentage (%) of the 13-upside were +0.09% (CRSP) to +32.58% (Pink sheets: MDXG) while the 21-downside ranged from -0.34% (SAGE) to -10.02% (PGEN);
- June registered 6 positive and 7 negative closes
- May registered 9 negative, 11 positive closes and 1 holiday.
- April registered 10 negative, 11 positive closes and 1 holiday.
- March registered 11 negative, 10 positive closes and 1 neutral close.
- February registered 9 negative, 9 positive closes, 3 vacation days and 1 holiday.
- January registered 9 negative, 10 positive closes and 2 holidays.
Companies in my headlights – It’s your decision; I provide an idea and context
**** As I have stated these past weeks and months – “Skim if you can trim, buy if it will fly and sell if compelled!” And always maintain a perspective and know “how to get out of Dodge” – (a metaphor)! ****
The BOTTOM LINE: What’s bothering markets - several states in the U.S. are experiencing a resurgence of infections. Arizona reported a record high number of new confirmed cases, while Texas saw an 11% daily spike in hospitalizations for patients with Covid-19 on Wednesday.
We are all very much aware of the change in market tone and sentiment over the last three to four almost five months.
I’m more concerned and agonizing over fundamentals that need to be re-asserted not accreted. As “momentum is fragmented, volatility exceeds volume and we shouldn’t base our buying positions in this climate on hope!”
Remember, "Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth." Marcus Aurelius
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.