E Market Briefing For Tuesday, Aug. 24

Suspended elevation of the S&P may be in-absence of any alternatives to do so, given what pretty much would be a 'snapping' of the short-term uptrend if that's broken. Not at all to say it won't be penetrated, just thinking managers do know what they got into by chasing strength well after our March 2020 low.

In-essence they can either continue supporting the heavy-lifting stocks, bring back Oil & Banks periodically to reinforce stability, trying to 'hold the line'. Of course that's already gone on, and as I've said it can longer than bears mostly would be able to hold-out (no limit to what you can lose with shorts, hence if a trader has to do it, at least with Puts there's a limit to what a trader will lose as most expire worthless, though I often noted 'option writers' have made money in these markets). Even the 'writers' better be careful as Fall volatility looms.

Executive summary:

  • S&P continues holding traction, 'as if' it know what the alternative is.
  • Pfizer (PFE) VAX got full FDA approval, which is sort of a joke considering that over 165 million Americans and millions abroad served as 'trial subjects' essentially, however given not much alternative, let's hope all will be fine.
  • Moderna (MRNA) requires more science before it's approved (but it too had been tested now in millions who took it during the EUA and urged to do so).
  • Sorrento (SRNE) has developed a 2nd generation vaccine which is yet to be in a 'trial', and it's hard to say how long a process that will be, however given it's also an mRna design, and lots is not known, perhaps it's expedited.
  • Perhaps the market will grasp Sorrento being the major manufacturer of DYAI’s New generation, safer universal and affordable candidate, shown to elicit an extremely strong response to ALL known variants, and even to future mutations as it impact a common factor between all COVID strains.
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This is an excerpt from Gene Inger's Daily Briefing, which typically includes one or two videos as well as more charts and analyses. You can subscribe for  more

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