E Easter Monday

Passover is over but in various parts of the globe, Easter Monday markets are still closed, surprisingly in Hong Kong (a relic of British links China has not yet cut.) We have broken bread in this household and watched the Dow Jones climb 300 points this morning to an all-time record high after the non-farm payroll numbers released Friday, when US markets were closed, topped 916,000. Analysts had expected only 675,000 people to collect paychecks. The unemployment rate remains at 6% however.

Of course, with so many foreign markets closed, the boom was biggest for USA large caps. But there was enough fringe movement elsewhere as well.

The news was not always good. New US factory goods orders fell 0.8% in Feb. compared to the prior year, and those for manufactured durable goods by 1.2% which you will recall was before the covid-19 outbreak here. Services were better but supply chain disruptions explained part of this.

Among the open markets were Mexico where the latest projection is for growth of 4.8% this year. That boosted Mexican stocks despite inflation fears.

Brazil's central bank will allow payments between individuals on Facebook pay and what's app, which will use the CB's services, cutting out the banking oligopoly there which goes in for very high fees.

Today we begin with a sale at a loss sale, not only because a key insider sold nearly 60% of his positions, but also because we will need losses to offset the plans of the Biden Administration to tax capital gains more heavily. I just sold a huge chunk of GE because I need losses.

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Drug dealers

*Novocure of Israel and the Channel Islands is a sell because its chairman, William Doyle, sold well over half his shares. It will report on its first-quarter on April 29. I got less than he did, $130.9581/sh. NVCR.

*Abcellera Biologics rose because ABCL is part-owned by SoftBank, it was revealed today. Now that we know it fell from $31.78 at the opening ot $29.1 now. This stock is still well in the red so there is no need to cash out yet. I remain enchanted by its humanized Trianni Mouse which is being used to develop antibodies by Gilead, GILD.

*Grifols of Barcelona which specialized in extractions from donor blood rose 3.15% today despite GRFS revealing a failure of its covid-19 convalescent plasma therapy with immunoglobulin Friday when markets were closed.

*Its partner Takeda, the Japanese group, was downgraded to hold from buy by a Jefferies analyst. TAK.

*However Eisai, ESALY rose on hopes for cancer therapies.

*Compugen and Teva rose in Israel over the long weekend (Israel's Passover ends a day earlier than ours because there is certainty there over when the new moon was sighted) and they rose here as well, CGEN by 2.62% at the opening and TEVA by 1%.

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