November 23, 2022 7:50am
Forget portfolio, safety is the focus to holiday remainder of week
A daily report may say little or a lot and its final judgement may be inconclusive; yet it serves as insurance that all indications are being examined, evaluated and reported.
I don’t seek fame, do podcasts or give speeches; what I do is write this blog/newsletter to inform investors with facts and supporting numbers focused on what they need to hear that others won’t say or write about - truth!
8:00 a.m. edition
Remember that overnight and pre-open actions in futures don't necessarily translate into actual trading in the coming day’s session.
Dow futures are UP +0.07% or (+25 points), S&P futures are UP +0.17% or (+6 points) and NASDAQ futures are UP +0.28% or (+33 points) early in the pre-open – so far,
U.S. stock futures were barely higher on Wednesday,
European markets were mixed and slipping,
Asia-Pacific are markets are mixed
We need to understand the macro to comprehend the micro re “our” universe of cell and gene therapy companies …
Indexes rose Tuesday as markets looked past tightening covid policies in China to instead focus on a host of strong earnings reports and the potential for smaller future rate hikes during a holiday-shortened trading week.
The Dow closed UP +397.82 points (+1.18%), the S&P close UP +53.64 points (+1.36%) while the Nasdaq closed UP +149.90 points (+1.36%)
Economic Data Docket: jobless claims data. Economists polled are forecasting claims of 225,000 for the week ending Nov. 19, a slight increase from the 222,000 initial claims the prior week.
· Data on durable goods and new home sales in October.
· Durable goods in October are expected to have risen 0.5% from the prior month, according to estimates.
· Latest Fed meeting minutes for insight into the central bank’s approach on monetary policy ahead of the December meeting.
· Overall mortgage applications rose for the week, but were still far below last year’s levels. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 6.67% last week from 6.90% Mortgage applications to purchase a home rose 3% for the week, but they were down 41% from a year ago.
Tuesday’s (11/22) … RegMed Investors’ (RMi) closing bell: “cell and gene therapy companies are swing to the upside after four (4) declining sessions. Also, a bit of a vacation for me with a shortened closing bell report.” … https://www.regmedinvestors.com/articles/12712
Ebb and flow:
Q4 – November -11 negative and 6 positive closes
· October -1 neutral, 11 positive and 9 negative closes
· September – 1 holiday, 10 positive and 11 negative closes
· August – 1 neutral, 11 positive and 11 negative closes
· July - 1 holiday, 10 negative and 10 positive closes
Companies in my headlights – It’s your decision; I provide ideas and context: INDICATIONS
The BOTTOM LINE: I try to keep it simple … and short while repeating what I did write last night!
Reiterating, “It’s Thanksgiving Week – supposedly a week to say “thanks”.
But, to WHOM?
NO thanks …to CEO Sue Washer and president (currently) of Applied Genetic Technologies (AGTC) for her “mistakes in management and judgement” during her tenure (let’s NOT forget her “bored” of directors) – who let her get away with such “mis-judgements” to have to sell-out the company for pennies as she executes her “exit package” of $1.5+ million having been paid $1.5 million to “wreck” the company this year.
Key word, uncertainty … “which makes It difficult to predict where the cell and gene therapy sector is headed in the short run.”
Amid the ongoing cell and gene therapy sector volatility, “our” universe’s trend remains " in a constant correction." That means that … lately we are investors are safer on the sidelines.
Reiterating, “The real question that should be asked is how many companies are at the end of sentiments … leash? I stick to my view of anticipating the risks – as my careers focus has been “warning analysis”.
Insight is about understanding perception and also about putting into context what is relevant to expectation fulfillment
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.
All investments are subject to risks. Investors should consider investment objectives.
Regulation Analyst Certification (Reg AC): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions securities referred to in this publication.