November 17, 2023 7:40am
Thursday, market breadth was weak, with losers easily outpacing winners.
Pre-Open Indications: 1 Sell into Strength. 1 Positive and 3 Negative Indications
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I say today what others won't, so you can do what others can't whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors.
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 could happen or materialize
The pre-open Dow futures are UP +0.26% or (+90 points), the S&P is UP +022% or (+10 points) as the Nasdaq is UP +0.03% or +5 points)
Stock futures rose slightly Friday,
European markets were up,
Asia stocks were mixed ending higher for the week.
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 …
Last night Thursday, Indexes were mixed as investors took a pause from the November rally … as the Dow closed DOWN -45.74 points or -0.13%, the S&P closed UP +5.36 points or +0.12% while the Nasdaq closed UP +9.84 points or +0.07%.
Economic Data Docket: building permits and housing starts
Thursday, RegMed Investors (RMi) Closing Bell: “weak companies combine to stay afloat as profiteering breaks the sector … https://www.regmedinvestors.com/articles/13211
Q4: November – 6 positive and 6 negative closes
· October – 1 sick day, 9 positive and 12 negative closes
Companies in my headlights – It’s your decision; I provide ideas and context: looking for lost SHEAP …
I post about “indication intelligence” devoting my time to collection and analysis of information to assist investors with insight into sector vulnerabilities and strengths. A dictionary definition of “indicate” refers to something less than a certainty; an indication could be a signal of being oversold or overbought, a recommendation, or grounds for inferring or a basis for believing.
Sell into Strength Indication:
Thursday’s closing price, some Wednesday, Tuesday, Monday’s closing “numbers” with aftermarket dollar ($) and cent ($0.00) value and percentage (%)
CRISPR Therapeutics (CRSP) closed up +$2.99 after Wednesday’s +$0.93, Tuesday’s +$3.29 and Monday’s -$1.15 with a positive +$2.78 or +4.69% pre-open indication.
Thursday’s closing price, some Wednesday, Tuesday, Monday, and last Friday, closing “numbers” with aftermarket dollar ($) and cent ($0.00) value and percentage (%)
BioLife Solutions (BLFS) closed down -$0.38 after Wednesday’s +$0.45, Tuesday’s +$1.19, Monday’s -$0.17 and last Friday’s -$0.44 with a positive +$0.29 or +2.42% aftermarket indication
Thursday’s closing price, some Wednesday, Tuesday, Monday, Friday, Thursday, Wednesday, Tuesday, Monday's closing “numbers” with aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Caribou Biosciences (CRBU) closed up +$0.06 after Wednesday’s +$0.45 with a negative -$0.12 or -2.54% aftermarket indication.
Vericel (VCEL) closed down -$0.47 after Wednesday’s -$0.70, Tuesday’s +$2.80 and Monday’s +$0.04 and last Friday’s +$1.48, with a negative -$0.40 or -1.12% aftermarket indication
Alnylam Pharmaceuticals (ALNY) closed down -$2.08 after Wednesday’s +$1.06, Tuesday’s +$4.98, Monday’s +$3.12 and last Friday’s -$2.63 with a negative -$4.38 or -2.59% aftermarket indication.
The BOTTOM LINE: Cooler economic data triggered a market and sector rally Thursday … Friday, I believe will be a split!
- Ben Graham used to talk about the stock market being a cross between a voting machine and a weighing machine. There is a voting machine for this sector. In the short run, value can be pretty senseless if one side or the other decides to be aggressive in their buying or selling.
- Thus, investors should be cautious about ANY buys as the cell and gene therapy sunk.
"The big driver today is the tug-of-war between those who want to sell on rallies and those who want to buy on dips." <Brian Jacobsen, chief economist at Annex Wealth Management>
Today’s relevancy from Thursday’s session:
- A short-term bill that will stave off a partial government shutdown for at least another two months cleared the House of Representatives Tuesday evening, bringing lawmakers one giant step closer to keeping federal operations going after 11:59 p.m. Friday.
- Investors should be very cautious, holding to some positions and building cash if possible!
- Weekly jobless claims higher than expected
I hate to be so negative or contrarian but, this is a NO spin zone and facts are its product; I am more frequently right than consequentially 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 could hold or have positions securities referred to in this publication and he will NOTIFY investors of holdings.