August 18, 2023 7:32am
Futures are down again as week closes with all the major indexes below their 50-day lines
If you’re looking for sector intel, ideas and facts or Insight in a volatile climate, RMi defines the extenuating factors of share pricing.
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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 -0.16% or (-54 point), S&P futures are DOWN -0.29% or (-12 points) and NASDAQ futures are DOWN -0.56% or (-82 points) early in the pre-open – so far
Stock futures slipped Friday after the major averages dropped for a third straight day.
European markets fall further as caution lingers around global stocks,
Asia markets fall as investors assess Japan inflation and fresh blows to China’s real estate sector.
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 …Economic Data Docket:
Thursday, indexes were down as the Dow closed DOWN -290.91 or -0.84%, the S&P closed DOWN -34.03 or -0.77% while the Nasdaq closed DOWN -157.70 points (-1.17%)
The Dow is on pace for its worst week since March, lower by 2.29% through Thursday. Meanwhile, the S&P 500 is headed for a 3rd straight week of losses, a streak that hasn’t happened since February. The Nasdaq is also set for a 3rd consecutive losing week for the first time since December.
Thursday’s (8/17) RegMed Investors’ (RMi) closing bell: “August deepens the cell and gene therapy share pricing abyss. With the sector stuck in another losing week and in negative territory for the month … https://www.regmedinvestors.com/articles/13083
Sector's Ebb and flow:
Q3: August – 2 positive and 11 negative closes
• July - 1 holiday, 12 positive and 8 negative close
• 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
• 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
Again, I am passing on forecasting the daily indications – it’s just too mixed of few ups, most downs and multiple flats i.e., going no where
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!
Cell and gene therapy sector equities has experienced serious monthly lows while US government bond yields remained near recent 16-year highs as investors bet on interest rates staying elevated for longer, with worries over China's shadow banking sector also a dampener.
Also, minutes from the Fed this week showed most members of the rate-setting committee continued to see significant upside risks to inflation, suggesting more hikes are in the pipeline.
I don’t perceive ANY catalysts, which in turn gives the weak economic forecasts more room to move share pricing.
It “ain’t” been a good August for the cell and gene therapy sector as it suffers 2 positive and 11 negative closes so far.
There's ALSO nothing wrong with standing pat in the short run, holding on to sizable existing exposure.
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.
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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.
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Henry McCusker, the editor and publisher of RegMed Investors could hold or have positions securities referred to in this publication and he will NOTIFY investors of holdings