June 16, 2023 7:35am
What and which get covered, usually result in a surge of market volatility and trading volume.
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.
Subscription is coming, it’s not conscription but, an offer to join our collective of like-minded investors! Never leave an investor uninformed!
Friday also marks the final trading day before a long weekend, with the market closed Monday in observation of “Juneteenth”.
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 -0.07% or (-24 points), S&P futures are DOWN -0.02% or (-1 point) and NASDAQ futures are UP +0.08% or (+12 points) early in the pre-open – so far
Stock futures were down and mixed on Friday,
European markets higher,
Asia Pacific markets trade higher as Bank of Japan leaves rates unchanged.
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 on Thursday rallied, as the Dow closed UP +428.73 points (+1.26%), the S&P closed UP +53.25 points (+1.22%) while the Nasdaq closed UP +156.34 points (+1.15%).
“With just Friday’s session left, the three indexes are also on track for weekly gains, building on a recent rally across the market. Up nearly 3%, the S&P 500 is on pace to notch its best weekly performance since March. The Nasdaq Composite has gained almost 4% since the start of the week, making it poised for its eight straight winning week — the tech-heavy index’s longest weekly streak since a 10-week period that ended in March 2019.” <CNBC>
Economic Data Docket: consumer sentiment data
Thursday (6/15) … RegMed Investors’ (RMi) closing bell: “sector rises as jobless claims were flat. Just remember, the cell and gene therapy sector is viewed as sensitive to swings in the health of the economy.” … https://www.regmedinvestors.com/articles/13006
Ebb and flow:
Q2/23 – June: 3 negative and 8 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
Yet again, I am parsing; yesterday for the down ward spiral, today for what gets “covered” – let them ride!
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!
Definition of title: Quadruple witching is an event in financial markets when four different sets of futures and options expire on the same day. Futures and options are derivatives, linked to underlying stock prices. When derivatives expire, traders must close or adjust positions. That can trigger significant volume and order flow. The four types of derivatives expiring on quadruple witching are:
· Stock index futures contracts
· Single-stock options
· Options on stock-index futures
· Stock index options
The sector dove as policy increases were “parsed” – leaving fed funds rate at 5%-5.25% after raising it by five full percentage points in little more than a year and the Nasdaq is now falling on Thursday.
WHY do I feel to Pause:
- “Thursday, the Nasdaq probably could use a pause or pullback. It's now 9.2% above its 50-day line and trading above the top of a regression line. The Nasdaq 100 is now 10.6% above that key level.”
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.
