How ’bout them pollsters… I told you the race would be closer than the polls showed and that Trump had a good chance of winning. I thought he might even win. But I had no idea it would be this tight. I have no idea who will win at this point; I want this whole year to be done with—the market, the pandemic, and now this mess of an election. You’d think in the year 2020, in the most advanced country in the world, we would have better systems to track and count votes. Anyway…”
Stocks jumped as the volatility imploded, and the Bluewave sweep (the balance of it) trade melted. The result was a massive shift into the technology sector.
From a technical standpoint, there are a lot of gaps down below that need to be filled. I guess is that after today, and investors have some time to reflect, they may find themselves feeling differently about today’s big gains.
Again, I think most of today’s rally had to more with the mechanics of the market and the unwind of the volatility, then anything.
Biogen (BIIB)
Biogen was the stock of the day, jumping by over 40% ahead of its ADCOM meeting for aducanumab’s potential approval for Alzheimer’s. This stock hasn’t done anything for years. The chart tells you nothing, but you can see how broken up the trading has been.
Acadia (ACAD)
Acadia reported results after the close with revenue that came in better than expected. I haven’t looked too closely at the results, I saw they missed earnings estimates. This isn’t about the top and bottom-line results for them at this point. What will drive this stock will be a Nuplazid’s potential in Dementia-Related Psychosis and hopefully getting approval from the FDA by the beginning of April.
That’s all for today.
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