July 13, 2020 7:55am
Florida has reported 15,299 confirmed coronavirus cases, the highest single day total for any U.S. state. since the pandemic began
Pre-open indications: stay in the shade … when its sunny or rains although 1 Toxic SELL
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Dow futures are UP +0.78% (+202 points), S&P futures are UP +0.68% (+22 points) and NASDAQ futures are UP +0.85% (+92 points)
Stock futures rose are up on Monday even as investors disregard a record spike in coronavirus cases in multiple regional states;
European stocks traded higher despite the surging coronavirus cases in some parts of the world as investors approach earnings season as the pan-European Stoxx 600 climbed 0.5% in early deals;
Asia Pacific shares jumped as the Shenzhen component in China soared more than 3% on the day; while japan, South Korea and Australia followed with the MSCI Asia ex-Japan index gaining +0.97%.
The market continues to ignore the increasing COVID-19 cases on vaccine 2021 hopes, despite the current resurgence in the South and Southwest.
Indexes extended their gains after Pfizer (PFE) and German biotech BioNTech SE were granted fast track designation by the FDA for two of the companies’ four vaccine candidates against the coronavirus. <CNBC>
The Dow and the S&P 500 are coming off two consecutive weeks of gains, while the resilience in tech shares pushed the Nasdaq to a new record after three straight positive weeks.
NOT a good place to stay!!
Friday night’s post title - a recap: “another sector dive as Gilead Sciences (GILD) induces a market rally; As far as our cell and gene therapy sector is concerned, another I told you so … from this a.m.’s post, “declining territory ahead.”
- The NASDAQ closed UP +69.69 points (+0.66%);
- The IBB closed down -0.97% and XBI also closed down -1.02%;
- Sector volume was EXTREMELY LOW with 1 of the 9-upside having higher than the 3-month average volume and 1 out of the 22-downside having higher than the 3-month average volume;
- While the CBOE Volatility Index (VVIX: INDEX) was down -1.97 points or -6.73% at 27.29;
- Friday’s percentage (%) of the 9-upside were +0.38% (ADRO) to +8.43% (BLFS) while the 22-downside ranged from -0.61% (MESO) to -5.92% (ADVM);
- Closing flat: 4 – Biostage (BSTG), ReNeuron (RENE.L), Verastem (VSTM) and Stemline Therapeutics (STML – being acquired)
Friday closed negative with 9 advancers, 22 decliners and 4 flats
Thursday closed negative with 10 advancers, 24 decliners and 1 flat
Wednesday closed positive with 28 advancers, 5 decliners and 2 flats
Tuesday closed positive with 18 advancers, 12 decliners and 5 flats
Monday closed positive with 19 advancers, 15 decliners and 1 flat
Friday was a market holiday;
Thursday closed positive with 18 advancers, 14 decliners and 3 flats
Wednesday (7/1) closed positive with 24 advancers, 7 decliners and 4 flats
Companies in my headlights – It’s your decision; I provide an idea and context:
Biostage (BSTG) – closed up +$0.02 to $2.52 with 25 shares traded on Friday after Thursday’s +$0.02, Wednesday’s -$0.01 and last Tuesday’s -$0.09; serious questions of transparency, ethics, lack of experienced management talent and loss of executive team. BSTG trades with day traders, NO institutions or major firms will touch it as the FBI launches investigations into Chinese owned firms with U.S. listings (FACT);
The BOTTOM LINE: Summer doldrums are taking on a whole new meaning during the coronavirus pandemic. The momentum in the U.S. economy appears to have melted away.
It’s not the July heat, it’s a wave of new outbreaks of COVID-19 across the country that has forced some states to reimpose economic restrictions and others to pause further business re-openings.
Thirty-eight U.S. states have seen a rise in cases in the last 14 days.
Stay in the shade … so many unknowns.
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.