Hurricane Harvey was upgraded to a category 2 storm overnight and could be a category 3 before the day is over. Oil prices are higher as the storm is heading for the oil rich area of the U.S. Gulf Coast where between a third and a half of U.S. refining capacity takes place. Energy experts are especially watching the flooding as prolonged shutdowns of oil operations could drive up gas prices by 15 to 20 cents a gallon. Federal Reserve Chair Janet Yellen is set to give a key speech in Jackson Hole Wyoming today at the economic summit. She may talk about a timetable for a reduction in the Fed's balance sheet. It could be Yellen's final speech as Fed Chair as her term expires in January and President Donald Trump has not said if he will reappoint her. Adamas Pharmaceuticals (ADMS) share are soaring after the FDA okayed its Parkinson's disease drug. The company expects the drug, Gocovri, to be rolled out in the 4th quarter.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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