June 14, 2023 7:35am
As we wait for Jerome’s pontification of insight into the state of the economy and the central bank’s path forward
Pre-open Indications: 1 Positive, 2 Negative and 2 Sell into Strength Indications
My interpretation of the morning’s numbers is written to be informative; it’s built on what happened or will happen behind the headline today, not tomorrow or yesterday.
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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. My interpretation of the morning’s numbers is written to be informative; it’s built on what will happen behind the headlines today, not tomorrow or yesterday
Dow futures are DOWN -0.11% or (-39 points), S&P futures are UP +0.16% or (+7 point) and NASDAQ futures are UP +0.13% or (+19 points) early in the pre-open – so far
Stock futures traded mixed on Wednesday, ahead of latest Fed decision,
European stocks higher,
Asia Pacific markets are mixed.
Henry’omics:
We need to more than consider the economic environment - rising rates and inflation to comprehend the micro re “our” universe of cell and gene therapy companies …
Indexes rose Tuesday after the Dow closed UP +145.79 points (+0.43%), the S&P closed UP +30.08 points (+0.69%) while the Nasdaq closed UP +111.40 points (+0.83%)
Economic Data Docket: The producer price index; economists anticipate a decline of 0.1%.
· The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased last week to 6.77% from 6.81% the previous week. Applications to refinance a home loan rose 6% for the week but were 41% lower than the same week one year ago. Applications for a mortgage to purchase a home increased 8% for the week but were 27% lower than the same week one year ago.
Tuesday (6/13) … RegMed Investors’ (RMi) closing bell: “sector gains wings to initiate stripping upside profit, it’s still a question about expectation of what’s to come. Sector share price runs with slight downdrafts; the strength of the economy will dictate whether the Fed hikes again and influence sector share pricing” … https://www.regmedinvestors.com/articles/13001
Ebb and flow:
Q2/23 – 2 negative and 7 positive closes
· May – 10 negative and 12 positive closes
· April ended - 1 holiday, 8 positive close and 11 negative closes
Q1/23 –
· March – ended with 10 positive and 13 negative closes
· February – 1 holiday, 2 vacation, 7 negative and 8 positive closes
· January – 2 holidays, 11 positive and 9 negative closes
Companies in my headlights – It’s your decision; I provide ideas and context: INDICATIONS
Positive Indication:
Tuesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Editas Medicine (EDIT) closed up +$1.54 after Monday’s +$0.26, Friday’s +$0.07, Thursday’s -$0.92, Wednesday’s +$0.27 and last Tuesday’ +$0.81 with a +$0.09 or 0.78% pre-open indication.
Negative Indication:
Tuesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Verve therapeutics (VERV) closed up +$0.67 after Monday’s -$0.19 and Friday’s -$0.43 with a negative -$1.32 or -7.28% aftermarket indication
Beam Therapeutics (BEAM) closed up +$0.83 after Monday’s +$0.77 and Friday’s -$1.24 with a negative -$0.31 aftermarket indication.
Sell into Strength:
Tuesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Sage Therapeutics (SAGE) closed up +$1.11 after Monday’s -$1.88, Friday’s +$2.84 and Thursday’s +$0.17 with a negative -$0.45 or -0.77% aftermarket indication
uniQure NV (QURE) closed up +$0.97 after Monday’s -$0.40 with a positive +$0.03 or +0.15% aftermarket indication
The BOTTOM LINE:
I follow the dictum, quoting Churchill that “short words are best, and the old words when short are best of all, as I try to keep it simple and short!
The title says it all … and
“Investors still think that today will only mark a 'skip' on rate hikes rather than a pause,” said Deutsche Bank analyst Jim Reid. The accompanying statement “will note the potential for more tightening at ‘coming meetings.’” <Barron’s>
I also hate to be so negative or contrarian but, this is a NO spin zone and truth is its product; I can always be WRONG but, I am mostly EARLY!
At ANY time, this week, be ready to take partial profits and exit losers.
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.
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.
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.
