For Trading December 10th
Merger Monday BioPharma the Spotlight
All Quiet Before Tariffs and the FED
Join Us Every Day, Link Below
Today’s market opened with a slight decline and we had an “inside day” that really shouldn’t have any meaning in the grand scheme of things. Five days ago in this space I asked in the headline, “Island Reversal?” So far, that’s what the charts of the DJIA, S&P 500, and the NASDAQ look like. That implies a higher market with a price objective around 29,100 if we break last Wednesday’s high of 28,175 or so. Just saying…
Today was actually a little better on the internals at 1:1 than the market looked, finishing on the low of the day on a last hour selloff -105.46 (.38%), NASDAQ -34.70 (.40%), S&P 500 -9.95 (.32%), the Russell -4.22 (.26%), and the DJ Transports -32.03 (.30%). The DJIA was 18 down and 12 up with the biggest losers AAPL -26DPs, BA -20, HGS -19, and UNH -18DP’s. The only double digit gainer was HD +15 DPs. While AAPL was down, possibly on concerns about the tariffs coming on Saturday if not delayed, two of the AAPL suppliers, QRVO and SWKS were both higher by 1.8% on a double upgrade by B of A from Underperform to Buy.
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ
and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights.
SECTORS: Other names in the news: We started with the news from three separate Bio/Pharma companies on major deals. MRK bought ARQL for $2.7Billion or $20.00. ARQL, with a high of $40.00 in 2000, and an Xmas eve low of $2.66 had already worked its way higher to close $9.67, gapped up to trade as high as $19.73 and close $19.71 +10.04 (103.83%).
Next came Sanofi, SNY buying Synthorx, THOR and this one would be the HOMERUN OF THE DAY, with a bid of $2.4Billion. THOR has only been around for a year and had never traded over $23.53 and had recent 3-day move from $18.07 to close Friday $25.03 and gapped up and traded to $68.05 before finishing the day $67.71 + 42.68 (170.52%).
And last, we had XBIT, which I have written up here several times moving from $7 to $15, and falling back to close Friday $11.12, before selling the rights for its dermatology treatment to JNJ for $750Million upfront and up to $600MM in milestone payments. XBIT traded $22.95 before closing $19.50 +8.38 (75.36%).
Unfortunately, it doesn’t always work out. DTIL, Precision Biosciences had some disappointing trial results today and the stock, up from a recent low of $6.06 had worked its way back to $20.00 and had a range today of $23.67, before the news and fell back to close $9.50 -10.16 (51.68%).
After the close, Stitchfix, SFIX beat and the stock which has spent time between $20.00 and $24.00 broke to the upside to finish $28.06 +3.04 (12%).
BIOPHARMA: was MIXED even with all the M&A activity. BIIB -4.71, ABBV -.39, REGN -16.42 (4.38%), ISRG -12.49 (2.12%), MYL -.27, TEVA -.10, VRTX -3.88, BHC +.10, INCY +.31, ICPT +3.39 (1.35%), LABU +.20 and IBB $119.45 -.58 (.48%).
CANNABIS: stocks were HIGHER again as CGC got a new CEO from their major investor, STZ, and the good news pulled the group higher. CGC +2.74 (14.89%), TLRY +.99, CRON +.24, GWPH -4.17 (4.13%), ACB +.15, PYX -.07, APHA +.37, NBEV -.03, ARCGF +.28, CURLF +.14, KERN +1.37 (13.20%) and MJ $17.40 +.56 (3.33%).
DEFENSE: was LOWER across the board with only 1 move of over 1%, and ITA $227.00 -1.68 (.73%).
RETAIL was HIGHER after another downgrade for M which initially sent the stock, and the group lower, but then came a turn with a close over $1 higher than this morning’s low @ $15.48 +.33. JWN +1.35, KSS +.44, DDE +.44, JCP +.03, WMT -.42, TGT +1.65, TJX +.75, RL +1.58, UAA +.31 lulu +1.67, TPR +.27, CPRI +.35 and XRT $44.93 +.17 (.38%).
FAANG and Big Cap: were MIXED with GOOGL -.38, AMZN -2.08, AAPL -3.91, FB +.04, NFLX -5.63, NVDA -.52, TSLA +3.64, BABA -3.07, BIDU -.79, BOX -.09, IBM +.67, BA -3.79, CAT +.11, and XLK $87.30 -.46 (.52%).
FINANCIALS were LOWER with rates. Only GS -3.15 was the only move over 1% @ $1.40, no major moves and XLF was $30.29 -.07 (.23%).
OIL, $59.02 - .18. Today’s action was mostly just a quiet day for Oil and the other energy markets. All seemed like waiting for any guidance from Emerging markets or anywhere that they don’t just make up the numbers. The XLE closed $59.85 -.07 (.12%).
METALS, GOLD: $1,464.90 -.20. We have fallen right back down to the most recent, and most important area of support around $1,450. I think we can see another test of $1,490 -$1,500 again. Current range is between 1450 -1490.
BITCOIN: closed $7,320 -140. We broke to the upside but ran into a brick wall just under $8,000. After having a GTC order @ $9.85 since we sold on 11/5, we finally got filled on the first 350 shares. I will add another 400 either higher or lower. GBTC closed $8.33 - .17 today.
Tomorrow is another day.
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