August 30, 2019 6:39pm

The session and the week in review

Low volume and small percentage moves seem to be standard on the sector’s roller coaster

Hopefully, September will bring news and pricing appreciation

It’s not hard to be right so often, it’s about refining expectation, defining insight and trusting your “gut” versus the machines or algorithms

 

Investors need to think about their buying or selling pace, momentum and anticipate encountering resistance; also consider covering positions

 

Markets and indexes:

  • The Dow closed up +41.03 points or +0.16% to 26,403.28;
  • The S&P closed up +1.88 points or +0.06% at 2,926.45;
  • The NASDAQ was down -10.51 or -0.13% to 7,962.88;

 

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

  • Friday the IBB closed down -0.67% while the XBI also closed down -0.91%
  • Thursday the IBB closed up +0.72% while the XBI also closed up +1.31%
  • Wednesday the IBB closed up +0.65% while the XBI also closed up +1.44%
  • Tuesday the IBB closed down -0.91% while the XBI also closed down -1.60%
  • Monday the IBB closed up +0.73% while the XBI also closed +0.96%

 

Henry’omics:

Friday’s tin could be Tuesday’s gold!

 

The major indexes posted their worst monthly performance since May. The Dow fell -1.7% in August while the S&P 500 lost -1.8% while the NASDAQ pulled back -2.6%. U.S.-China trade relations exaggerated August’s decline, rattling investors.

Tensions between two countries eased slightly this week, however. This propelled the S&P 500 up nearly 3% week to date its best weekly performance since June. The broad index also snapped a four-week losing streak <CNBC>.

The Cboe Volatility Index (VIX), widely considered to be the best fear gauge, traded as high as 24.81 in August before pulling back to around 18.

But, U.S. consumer spending rose 0.6% in July, topping a Reuters’ estimate of 0.5%. Meanwhile, consumer confidence remains near its highest level in nearly 20 years.

 

The advance/decline line scenario of 45 covered companies:  

  • Friday the close was negative with an A/D Line of 11/30 and 1 flat and 2 acquired;
  • Thursday the close was positive with an A/D Line of 27/13 and 3 flat and 2 acquired;
  • Wednesday the close was positive with an A/D Line of 30/13 and 0 flat and 2 acquired;
  • Tuesday the close was negative with an A/D Line of 8/33 and 2 flat and 2 acquired;
  • Monday the close was positive with an A/D Line of 22/20 and 1 flat and 2 acquired;

 

Decliners:

  • Spark Therapeutics (ONCE -$2.33);
  • Alnylam Pharmaceuticals (ALNY -1.70);
  • Ionis Pharmaceuticals (IONS -$0.89);
  • Fate Therapeutics (FATE -$0.81);
  • Global Blood therapeutics (GBT -$0.72 after Thursday’s -$0.18, Wednesday’s +$1.53, Tuesday’s -$1.78 and Monday’s +$1.77);

Incliners:

  • ReNeuron (RENE.L +$26.00);
  • Sage Therapeutics (SAGE +$0.81 after Thursday’s +$2.83, Wednesday’s +$1.62 and Tuesday’s -$2.54);
  • BioMarin Pharmaceuticals (BMRN +$0.45 after Thursday’s +$0.92 and Wednesday’s -$0.99);
  • AxoGen (AXGN +$0.36);
  • BioLife Solutions (BLFS +$0.34);

 

The percentage (%) indicators: 

  • Friday’s range of the 11 upside was +0.47% (SAGE) to +12.15% (RENE.L) while the 30 downside ranged from -0.15% (BLUE) to -7.08% (BTX);
  • Thursday’s range of the 27 upside was +0.09% (ALNY) to +14.62% (AGTC) while the 13 downside ranged from -0.13% (AXGN) to -7.37% (SLDB);
  • Wednesday’s range of the 30 upside was +0.13% (ALNY) to +10.38% (CUR) while the 13 downside ranged from -0.20% (ONCE) to -13.46% (BSTG);
  • Tuesday’s range of the 8 upside was +0.37% (ONCE) to +5.88% (BLCM) while the 33 downside ranged from -0.04% (ALNY) to -7.86% (ONVO);
  • Monday’s range of the 22 upside was +0.02% (QURE) to +19.98% (BLCM) while the 20 downside ranged from -0.20% (VYGR) to -7.08% (Lineage Cell Therapeutics formerly BioTime (NYSEMKT :BTX);

 

Upside volume stats:  to compare

  • Friday: 1 out of the 11 upside had higher than the 3 month average volume;
  • Thursday: 2 out of the 27 upside had higher than the 3 month average volume;
  • Wednesday: 4 out of the 30 upside had higher than the 3 month average volume;
  • Tuesday: 2 out of the 8 upside had higher than the 3 month average volume;
  • Monday: 4 out of the 22 upside had higher than the 3 month average volume;

Downside volume stats: NOTICE

  • Friday: 2 out of the 30 downside had higher than the 3 month average volume;
  • Thursday: 4 out of the 13 downside had higher than the 3 month average volume;
  • Wednesday: 2 out of the 13 downside had higher than the 3 month average volume;
  • Tuesday: 8 out of the 33 downside had higher than the 3 month average volume;
  • Monday: 2 out of the 20 downside had higher than the 3 month average volume;

 

1 flat – ATHX with 2 acquired (AST & OSIR) with the Spark Therapeutics’ (ONCE) acquisition by Roche still being delayed (SEPTEMBER?)

 

August’s sessions:

Friday closed NEGATIVE with 30 decliners, 11 advancers, 1 flat and 2 acquired (AST & OSIR);

Thursday closed POSITIVE with 13 decliners, 27 advancers, 3 flat and 2 acquired (AST & OSIR);

Wednesday closed POSITIVE with 13 decliners, 30 advancers, 0 flat and 2 acquired (AST & OSIR);

Tuesday closed NEGATIVE with 33 decliners, 8 advancers, 2 flat and 2 acquired (AST & OSIR);

Monday closed POSITIVE with 20 decliners, 22 advancers, 1 flat and 2 acquired (AST & OSIR);

Friday closed NEGATIVE with 34 decliners, 7advancers, 2 flat and 2 acquired (AST & OSIR);

Thursday closed NEGATIVE with 33 decliners, 9 advancers, 1 flat and 2 acquired (AST & OSIR);

Wednesday closed POSITIVE with 18 decliners, 24 advancers, 1 flat and 2 acquired (AST & OSIR);

Tuesday closed NEGATIVE with 32 decliners, 11 advancers, 0 flat and 2 acquired (AST & OSIR);

Monday closed POSITIVE with 6 decliners, 36 advancers, 1 flat and 2 acquired (AST & OSIR);

Friday closed POSITIVE with 3 decliners, 39 advancers, 1 flat and 2 acquired (AST & OSIR);

Thursday closed NEGATIVE with 28 decliners, 14 advancers, 1 flat and 2 acquired (AST & OSIR);

Wednesday closed NEGATIVE with 33 decliners, 9 advancers, 1 flat and 2 acquired (AST & OSIR);

Tuesday closed POSITIVE with 20 decliners, 22 advancers, 1 flat and 2 acquired (AST & OSIR);

Monday closed NEGATIVE with 29 decliners, 13 advancers, 1 flat and 2 acquired (AST & OSIR);

Friday closed NEGATIVE with 30 decliners, 11 advancers, 2 flats and 2 acquired (AST & OSIR);

Thursday closed POSITIVE with 11 decliners, 28 advancers, 2 flats and 2 acquired (AST & OSIR);

Wednesday closed NEGATIVE with 21 decliners, 19 advancers, 3 flats and 2 acquired (AST & OSIR);

Tuesday closed POSITIVE with 10 decliners, 32 advancers, 1 flat and 2 acquired (AST & OSIR);

Monday closed NEGATIVE with 41 decliners, 2 advancers, 0 flat and 2 acquired (AST & OSIR);

Friday closed NEGATIVE with 34 decliners, 8 advancers, 1 flat and 2 acquired (AST & OSIR);

Thursday closed POSITIVE with 19 decliners, 22 advancers, 2 flat and 2 acquired (AST & OSIR);

 

 

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.