|Day Low/High||159.48 / 166.24|
|52 Wk Low/High||72.05 / 172.70|
If we have a little consolidating action here the buyers will start pushing again.
What drives the trading action are structural issues, not macroeconomic news events or political drama.
There is still a very strong appetite for individual stocks with momentum.
The indices are hitting highs as the market shrugs off yesterday's rotation.
Biotech M&A activity will pick up markedly in 2018, and these companies are likely to be the most active in that space.
There are a variety of players that should be active in the M&A space next year.
Look for an increase to the low $60s followed by the $75 area longer term.
We have shifted from a market that was mainly index driven by the FAANG names to one where stock picking is more important.
Tightening stops, closely watching momentum stocks and considering index shorts as I get more defensive.
The Cambridge, Mass.-based firm said Nov. 7 that the U.S. Food and Drug Administration has cleared the investigational new drug application for its peptide phosphorodiamidate morpholino oligomer (PPMO) exon 51 candidate, SRP-5051.
Breadth is positive, but pockets of momentum are very limited.
I'm always excited about the potential for new trades when we have selling like this.
MacroGenics and Incyte on Wednesday unveiled a collaboration and license agreement regarding MGA012, MacroGenics' investigational monoclonal antibody that inhibits programmed cell death protein 1.
It would be a welcome change for those of those traders who would like to see increased volatility.
When the dip buyers disappear intraday, then the action finally can shift.
Proposals are having an effect ahead of afternoon announcement.
This is pretty typical Fed Day action, when traders do some quick trades while they wait.
This corrective action has me feeling optimistic about some new opportunities.
Small caps are down 0.12% despite the strength in the Nasdaq ETF.
Sarepta CEO Ed Kaye said he's stepping down.