June 29, 2023 7:54am
Momentum-driven sector equities are still at risk
Pre-open Indication: 5 Sell into Strength and 1 Negative 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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Pre – 8:30 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 UP +0.29% or (+98 points), S&P futures are UP +0.28% or (+12 points) and NASDAQ futures are UP +0.34% or (+52 points) early in the pre-open – so far
Stock futures ticked higher on Thursday,
European stocks were cautiously higher,
Asia-Pacific shares were 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 were mixed as the Dow closed DOWN -74.08 points (-0.22%), the S&P closed DOWN -1.55 points (-0.04%) while the Nasdaq closed UP +36.08 points (+0.27%).
Indexes are nearing the end of the 1H/23 with strong performance. The S&P 500 is up 14% this year, while the Nasdaq has climbed nearly 30% — heading toward its best first half since 1983.
Economic Data Docket: weekly jobless claims data
Wednesday (6/28) close … RegMed Investors’ (RMi) closing bell: “it ain’t over, sentiment is testing resistance. The cell and gene therapy sector is still creeping, looking for direction.” … https://www.regmedinvestors.com/articles/13023
Ebb and flow:
Q2/23 – June: 1 Holiday, 8 negative and 11 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
Negative Indication:
Wednesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
BioLife Solutions (BLFS) closed down -$0.33 with a negative -$1.04 or -4.60% aftermarket indication
Sell into Strength Indication:
Wednesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Blueprint Medicine (BPMC) closed up +$2.10 with a positive +$0.27 or +0.41% aftermarket indication.
CRISPR Therapeutics (CRSP0 closed up +$1.34 with a positive +$0.74 or +1.29% aftermarket indication
Ionis Pharmaceuticals (IONS) closed up +$1.49 with a positive +$0.65 or +1.59% aftermarket indication
Intellia Therapeutics (NTLA) closed up $1.35 with a positive +$0.60 or +1.42% pre-open indication
Voyager Therapeutics (VYGR) closed up +$0.23 with a positive +$0.36 or +3.05% pre-open 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!
Wednesday a mixed closed after Tuesday's bullish gains. The Nasdaq rose slightly, but pared intraday gains.
“The market rally could be caught in a Catch-22 situation, raising the risks for new buys in the short run. Investors should be careful with making and handling new buys.” <IBD>
Economic data re inflation coming making markets and traders nervous.
Adding to coming uncertainty will be the start of Q2’s final week and 1st half of 2023, weeks ahead of the financial reporting season.
However, I STILL believe bottom-feeding is NOW to a degree as I also believe it’s time to drive cash positions – highs don’t usually last that long.
Earnings are about to be ready for release – questions are …RUNWAYS on track for further growth?
I 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!
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.
