May 28, 2020 5:52pm

It’s still a question of distance of the market’s “rush”?

Pre-open indications follow-up results: 5 HITs and 2 MISS <who>

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The Dow closed DOWN -147.63 points (-0.58%), the S&P closed DOWN -6.40 points (-0.21%) while the NASDAQ closed DOWN -43.37 points (-0.46%)

 

Pre-open indications follow-up results: 5 HITS < Bellicum Pharmaceuticals (BLCM -$0.41), Sangamo Therapeutics (SGMO +$0.00 or +0.04%), uniQure NV (QURE -$2.57), Mesoblast (MESO -$0.55), Adverum Biotechnologies (ADVM -$0.70), and 2 MISS < Applied Genetic Technologies (AGTC -$0.30), bluebird bio (BLUE -$0.86),

                                                                    

Henry’omics:

Indexes “pooped” over concerns about China after this week’s strong gains, as the latest unemployment data signaled the worst of the economic damage from the coronavirus pandemic may be over or is it? Getting Americans back to work has its issues …

  • Reiterating, the Labor Department said Thursday another 2.1 million Americans filed for unemployment benefits last week. That’s more than a Dow Jones estimate of 2.05 million. The pace of new filings has dropped from previous weeks. Continuing claims, which represent a better unemployment picture, plunged by nearly 4 million in their first decline since the coronavirus outbreak;
  • A real issue is will businesses re-open with the population receiving monies but, not wanting to return to employment.

The market and sector tanked after President Trump’s announcement after China’s National People’s Congress approved a national security bill for Hong Kong. The bill will bypass Hong Kong’s legislature, raising concerns over the longevity of Hong Kong’s “one party, two systems” principle, which allows additional freedoms mainland China does not have. <CNBC>

 

RegMed/Cell and gene therapy 35 covered equities’ Advance/Decline (A/D) lines: progressions and regressions …

  • Thursday opened positive at 18/16 and 1 flat, stayed positive at the mid-day at 22/12 and 1 flat, closing negative at 8/30 and 2 flats;
  • Wednesday opened negative at 11/23 and 1 flat, stayed negative at the mid-day at 13/22 and closed positive at 20/15;
  • Tuesday opened positive at 27/8, strayed neutral at the mid-day at 17/17 and 1 flat and closed negative at 10/25;
  • Monday- markets closed for holiday

 

Key metrics:

  • Volume was MIA with 0 out of the 8-upside having higher than the 3-month average volume and 4 out of the 30-downside having higher than the 3-month average volume;
  • Thursday’s percentage (%) of the 8-upside were +0.04% (SGMO) to +2.72% (BLFS) while the 30-downside ranged from -0.19% (ALNY) to -8.42% (BSTG); 

 

Hammered in today’s market:

  • Regenxbio (RGNX), uniQure NV (QURE), Ultragenyx (RARE), ReNeuron (RENE.L) and Global Blood Therapeutics (GBT) to name a few of the 30 slipping of the 35 covered

Jumping with momentum:

  • BioLife Solutions (BLFS), Pluristem (PSTI), Ionis Pharmaceuticals (IONS), Stemline Therapeutics (STML) and Brainstorm Cell therapeutics (BCLI) to name a few of the 8 trading up of 35 covered

 

The iShares NASDAQ Biotechnology (IBB) and the SPDR S&P ETF (XBI) indicators:

  • Thursday, the IBB closed up +0.25% and XBI also closed down -1%
  • Wednesday, the IBB closed up +0.91% and XBI also closed up +0.03%
  • Tuesday the IBB closed down -1.90% and XBI also closed down -2.36%
  • Monday was a market holiday

 

Thursday’s (only 8) incliners:

  • BioLife Solutions (BLFS +$0.44 after Wednesday’s +$0.10 after Tuesday’s +$0.03);
  • Pluristem (PSTI +$0.32);
  • Ionis Pharmaceuticals (IONS +$0.32);
  • Stemline Therapeutics (STML +$0.10);
  • Brainstorm Cell Therapeutics (BCLI +$0.03);
  • Homology Medicine (FIXX +$0.02 after Wednesday’s -$1.41 and Tuesday’s +$0.55);
  • Verastem (VSTM +$0.01);
  • Sangamo Therapeutics (SGMO +$0.00 or +0.04% after Wednesday’s +$0.51);

Thursday’s (bottom 10 of 30) decliners:

  • Regenxbio (RGNX -$2.62 after Wednesday’s +$0.82 and Tuesday’s -$1.80);
  • uniQure NV (QURE -$2.57 after Wednesday’s +$1.54, Tuesday’s +$0.35, Friday’s +$0.92 and last Thursday’s +$2.62);
  • ReNeuron (RENE.L -$2.50 after Wednesday’s -$5.00, Tuesday’s -$6.00 and Friday’s +$1.00);
  • Global Blood Therapeutics (GBT -$1.86 after Wednesday’s +$2.41, Tuesday’s -$1.22, Friday’s +$0.62 and last Thursday’s -$1.60);
  • CRISPR Therapeutics (CRSP -$1.62 after Wednesday’s -$2.41, Tuesday’s -$3.60, Friday’s +$2.16 and last Thursday’s +$0.99);
  • Fate Therapeutics (FATE -$0.87 after Wednesday’s -$0.70, Tuesday’s -$1.44, Friday’s +$1.69 and last Thursday’s +$2.55);
  • bluebird bio (BLUE -$0.86 after Wednesday’s -$2.24 and Tuesday’s -$2.87);
  • Cellectis SA (CLLS -$0.77 after Wednesday’s -$0.51 and Tuesday’s -$1.64);
  • Adverum Biotechnologies (ADVM -$0.70 after Wednesday’s +$0.58);

 

Percentage (%) movement/range statistics: look closely …

  • Thursday’s percentage (%) of the 8-upside were +0.04% (SGMO) to +2.72% (BLFS) while the 30-downside ranged from -0.19% (ALNY) to -8.42% (BSTG); 
  • Wednesday’s percentage (%) of the 20-upside were +0.14% (IONS) to +4.62% (SGMO) while the 15-downside ranged from -0.08% (STML) to -8.73% (FIXX);
  • Tuesday’s percentage (%) of the 10-upside were +0.19% (BLFS) to +17.34% (AXGN) while the 25-downside ranged from -0.30% (RARE) to -15.87% (CLBS);
  • Monday was a holiday;

 

Sentiment and a few daily indicators:

China tensions snookered the market, they gave us the virus, now their cracking down of Hong Kong’s freedoms.

The number of confirmed U.S. coronavirus cases: every day I get sadder as I post these numbers …

  • Thursday 1.69 million
  • Wednesday 1.68 million
  • Tuesday 1.66 million
  • Monday was not reported, a holiday but, not for the dying

Thursday’s death rate escalated to a total of 100,442 After Wednesday’s 99,264, Tuesday’s 98,426 and Monday was a holiday (not reported) <John Hopkins University>

 

Upside volume stats: 

  • Thursday: 0 out of the 8-upside had higher than the 3-month average volume;
  • Wednesday: 4 out of the 20-upside had higher than the 3-month average volume;
  • Tuesday: 5 out of the 10-upside had higher than the 3-month average volume;
  • Monday: holiday

The CBOE Volatility Index (VVIX: INDEX) tracked:

  • Thursday was up +0.97 points or +3.51% at 28.59;
  • Wednesday was down -0.39 points or -1.390% at 27.62
  • Tuesday was down -0.15 points or -0.53% at 28.01,
  • Monday: markets were closed

Downside volume stats:

  • Thursday: 4 out of the 30-downside had higher than the 3-month average volume;
  • Wednesday: 5 out of the 15-downside had higher than the 3-month average volume;
  • Tuesday: 12 out of the 25-downside had higher than the 3-month average volume;
  • Monday: holiday

Closing flat: 2 Caladrius Biosciences (CLBS) and MiMedx (Pink sheets: MDXG)

 

May

Thursday closed negative with 30 decliners, 8 advancer and 2 flats

Wednesday closed positive with 15 decliners, 20 advancer and 0 flats

Tuesday closed negative with 25 decliners, 10 advancer and 0 flats

Monday – market closed, holiday

Friday closed positive with 9 decliners, 26 advancer and 0 flats

Thursday closed positive with 13 decliners, 29 advancer and 3 flats

Wednesday closed positive with 4 decliners, 30 advancer and 1 flat

Tuesday closed negative with 23 decliners, 9 advancer and 3 flats

Monday (5/18) closed positive with 6 decliners, 29 advancer and - flat

Friday closed positive with 10 decliners, 24 advancer and 1 flat

Thursday closed negative with 24 decliners, 8 advancer and 3 flats

Wednesday closed negative with 31 decliners, 3 advancer and 1 flat

Tuesday closed negative with 21 decliners, 11 advancer and 3 flats

Monday (5/11) closed positive with 9 decliners, 24 advancer and 2 flats

Friday closed positive with 12 decliners, 20 advancer and 3 flats

Thursday closed negative with 22 decliners, 11 advancer and 2 flats

Wednesday closed positive with 13 decliners, 20 advancer and 2 flats

Tuesday closed positive with 10 decliners, 25 advancer and 0 flats

Monday (5/4) closed positive with 7 decliners, 28 advancer and 0 flats

Friday (5/1) closed negative with 25 decliners, 8 advancer and 2 flats

 

The BOTTOM LINE: As I stated in this a.m. post, “trend lines are bent, not totally broken but, sharply curved and/or having an angle.”

The current issue is the time period being analyzed … key word is “current”. I don’t use “candlesticks”; I find an old zippo lighter is more apropos in determining direction!

A flick and the market and sector got “burned”!

 

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.

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.

Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.