September 4, 2020 8:46am
The sector has been experiencing excruciating declines – three (3) since Tuesday
Pre-open indications: 1 SELL but, looking for some of the oversold to lift
What I provide is an intelligence daily. RMi outlines the potential prelude to the daily dosage of facts and objectivity! Subscription is coming, it’s not conscription but, an offer to join our collective of like-minded investors!
My gift to you, I've kept RMi subscription FREE during these COVID-19 and volatile times!
Dow futures are UP +0.19% (+53 points), S&P futures are DOWN -0.17% (-6 points) and NASDAQ futures are DOWN -1.19% (-140.25 points)
U.S. stock futures are bouncing down to a mixed open pre-holiday weekend;
European stocks advanced Friday, rebounding from the previous session’s losses as the pan-European Stoxx 600 added +0.7% by late morning;
Asia-Pacific stocks were lower with Australia leading losses followed by mainland China as the MSCI Asia ex-Japan index declined -1.29%.
Data Docket: U.S. created 1.37 million jobs in August, vs 1.32 million expected; unemployment rate falls to 8.4%
I’ve kept saying, “new highs scare me” … and was proved RIGHT!
Thursday, the Dow slid more than 800 points, or 2.8%, during the cash session for its biggest one-day decline since June. The S&P 500 plunged 3.5% and the Nasdaq dropped 5%.
- Thursday’s declines also wiped out the major averages’ gains for the week and knocked both the S&P 500 and Nasdaq off record levels.
Thursday night’s post: RegMed Investors’ (RMi) closing bell: what’s sustainable in September so far, sector depreciation … https://www.regmedinvestors.com/articles/11531
- The Nasdaq closed DOWN -598.34 (-4.96%);
- The IBB closed down -3.75% and XBI also closed down -3.73%;
- Sector volume was LOW with 2 of the 2-upside having higher than the 3-month average volume and the 6 of 32-downside having higher than the 3-month average volume;
- The CBOE Volatility Index (VVIX: INDEX) was up +7.03 points or +26.46% at 33.60;
- Thursday’s percentage (%) of the 2-upside were +0.38% (IONS) to +13.01% (AGTC) while the 32-downside ranges from -0.40% (SGMO) to -13.43% (NTLA);
Q3 so far:
- September, 3 negative closes
- August, 10 positive closes and 11 negative closes
- July -11 positive and 11 negative closes with 1 holiday
Companies in my headlights – It’s your decision; I provide an idea and context:
Biostage (BSTG) closed down -$0.13 to $1.35 after Wednesday’s +$0.03 to $1.48, Tuesday’s -$ 0.05 to $1.45, Monday’s +$0.02 to $1.50 and last Friday’s -$0.46 or -23.71% to $1.48 with 71,846 shares traded (the highest in YEARS),
Analysts ask questions … and usually doesn’t get a response from this company. Wonder WHY … what is the “HIDE”?
*** I am hoping for oversold recognition after volatility drained the sector ***
The BOTTOM LINE: Valuations have been hung-out to drip, trickle and leak share 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.