September 5, 2024 7:54am

All 3 averages are down for the week; dramatic upside moves usually get creamed

Pre-open Indications: 1 Positive and 2 Negative Indications

August private payrolls rose by 99,000, smallest gain since 2021 and far below estimates. <ADP>

  • Companies hired just 99,000 workers last month, less than the downwardly revised 111,000 in July and below the consensus forecast for 140,000, according to payrolls processing firm ADP.
  • The report corroborates multiple data points recently that show hiring has slowed considerably from its blistering pace following the Covid outbreak in early 2020.
  • The ADP data showed that while hiring has slowed considerably, only a few sectors reported actual job losses.

There is no breadline for share pricing and fact-based intelligence! A daily analytic read-out from RMi is constructed of signals thought-provoking share pricing situations.

Never leave an investor uninformed

Remember that overnight and pre-open actions’ futures and markets doesn’t necessarily translate into actual trading in today’s market session.

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!

 

Thursday: The pre-open Dow futures are DOWN -0.05% or (-21 points), the S&P futures are DOWN -0.19% or (-10 points) and the Nasdaq futures are DOWN -0.40% or (-76 points)

  • Stock futures were down and fluctuating on Thursday,
  • European stock markets were mixed,
  • Asia-Pacific markets close mixed.

 

Henry’omics:

We need to more than consider the economic environment to comprehend the micro re “our” universe of cell and gene therapy companies …

Wednesday: The Dow closed UP +38.04 points or +0.09%, the S&P closed DOWN -8.86 points or -0.16% while the Nasdaq closed DOWN -52 points or -0.30%

Wednesday’s advance/decline line ended with a negative at the close of 14 incliner, 19 decliners and 2 flats

Economic Data Docket: Economic data: ADP private payrolls, August (+145,000 expected, +122,000 previously); Nonfarm productivity, second quarter-final (2.4% expected, 2.3% previously); Initial jobless claims, 8/31 (231,000 previously);

  • S&P global US Services PMI, August final (55.2 previously), S&P Global US composite PMI, August final (54.1 previously); ISM services index, August (50.9 expected, 51.4 previously);
  • Challenger jobs cuts, year-over-year, August (+9.2% previously)

 

Wednesday’s RegMed Investors (RMi) Closing bell: “Brewin’ for screwin’ with more than a few low-conviction trades” … https://www.regmedinvestors.com/articles/13601

 

Q3/24:

  • September – 2 negative closes
  • August – I neutral, 10 positive and 11 negative closes
  • July: 1 market holiday. 1 day off, 6 negative, 1 neutral and 12 positive closes

 

Companies in my headlights – It’s your decision; I provide ideas and context:

I post about “indication intelligence” looking toward investment conferences … 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.

Positive Indication:

Tuesday, Monday, Friday, Thursday as last Wednesday was a market holiday closing “numbers” with aftermarket/pre-market dollar ($) and cent ($0.00) value and percentage (%)

Beam Therapeutics (BEAM) closed down -$0.32 after Tuesday’s -$2.28 and Monday’s holiday with a positive +$0.15 or +0.62% aftermarket

 

Negative Indications:

Tuesday, Monday, Friday, Thursday as last Wednesday was a market holiday closing “numbers” with aftermarket/pre-market dollar ($) and cent ($0.00) value and percentage (%)

Blueprint Medicine (BPMC) closed up +$0.08 after Tuesday’s -$3.01 after Monday’s holiday with a negative -$1.37 or -1.48% aftermarket

Cellectis SA (CLLS) closed up +$0.02 after Tuesday’s -$0.13 and a Monday’s holiday with a negative -$0.18 or -7.80% aftermarket.

 

The BOTTOM LINE: the cell and gene therapy sector is struggling …

It's not a time to be buying. If you feel compelled to make new purchases, keep them small and be ready to exit quickly. <IBD>

Ponder this quote, “The market has appeared to be sensitive to potential growth scares in recent weeks, including Tuesday’s sell-off on the heels of weak manufacturing data. That could put increased importance on the jobless claims data.”

  • “There is likely to be continued market turbulence in the near term.”
  • “We believe in it; we just think it’s going to be on pause for a few months because this high degree of uncertainty we have right now. There’s just too much that needs to resolved over the coming months. … It’s just very hard for the broadening-of-the-market theme to really gather momentum.” <BMO Wealth Management Chief Investment Officer Yung-Yu Ma>

 

Think of this market and “our” universe as a game of shuts and ladders or sometimes monopoly … and follow RMi’s “interchanges” to gain profit moves or recoup losses – eat the popcorn and ponder ANY moves!

  • Short on words, long on being Judicious!

 

Welcome to my world of defining the “grey’ in our universe!

  • Right up front, “I also hate to be so negative or contrarian but, this is a NO spin zone and facts are its product; I can always be WRONG but … I am mostly EARLY!”
  • The sector is what it is, until it isn’t and even then, it doesn’t seem to be… as NOT much changes as the sector’s share pricing rides the waves of volatility, algorithms, electronic trading and short covering.
  • I am more frequently right than consequentially wrong; if I wanted to be liked, I wouldn’t have been an analyst/journalist.

 

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 it’s 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.