Scalper1 News
Major averages rose yesterday on lower volume. The S&P 500 and Dow both retook their respective 50dma’s after falling back under on Friday. The NASDAQ Composite closed just under its 50dma. That said, Monday’s rally, once again on lower volume, shows a lack of institutional interest while the large number of distribution days shows mounting selling pressure. Meanwhile, oil traded at new multi-year lows on storage concerns that a lack of storage would further flood the oil market, adding to the supply glut. The Federal Reserve concludes its two-day FOMC meeting on Wednesday. Investors are waiting to see if the central bank removes the word âpatientâ, as this would be an important clue as to when the Fed will begin pushing up interest rates. Pocket pivots: Cell-based cancer immunotherapy company Juno Therapeutics (JUNO) – This is a development stage biotech that recently came public. Earnings are released after the close this Wednesday. Both risk and reward are sizeable for this stock, though reward outweighs risk given the company’s fundamentals going forward. JUNO hopes to revolutionize medicine by using the body’s immune system to treat cancer by using human cells. The company believes this will drive one of the next big pushes in medicine. Semiconductor Qorvo (QRVO) – Earnings are soaring, accelerating sales, group rank 3. Cruise line operator Norwegian Cruise Lines (NCLH) – Strong earnings and sales, group rank 40. Scalper1 News
Scalper1 News