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Stock Market Finds New Reasons To Drop, Plus A Quick Look At Acadia
Stock’s surged in the early going before giving back the majority of the gains. I had warned in the midday commentary to use caution, which we just saw this same story play out last week. What’s the cause, not sure. Some could point to the FBI raid of President Trump’s attorney’s office Michael Cohen, or word the Federal debt is growing larger. To be truthful, I’m not sure it even matters, because every day of the week there is a new concern and worry in the marketplace, and it continues to show us how fragile the market is. Tomorrow there will be another excuse for a sell-off.
S&P 500
The making of the turnaround was in works around lunchtime, with the S&P 500 stalling out around 2,650.
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Micron
Micron failed miserably at resistance around $49.75.
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Nvidia
Nvidia failed at its downtrend.
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Facebook continues to fail around $161.50
Amazon
Amazon failed again at $1440.
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Microsoft
Microsoft failed at $93.
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JP Morgan
And last but not least, JP Morgan failed at resistance. I don’t want you to think I only write up technology stocks.
Boeing
Oh, and Boeing is close to a major breakdown.
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Acadia
Did you see the downgrade CNN put on Acadia, yeah CNN?
Now, first I am no Dr., I have no medical experience what so ever. So this is merely my opinion based on what I have read, studied and researched on my own. So you are welcome to agree or disagree with my opinion.
If you are an investor in Acadia, as I am, you realized reasonably quickly the database the article was referring to is FAERS data. If you also thought you were having deja-vu when reading the article as well, you weren’t because this news, is nothing new. In fact, on Sept. 27, 2017, when the database first came out, the same thing happened! In fact, Acadia, Sarepta, and Ionis all trade lower, here is the article. Read the article.
I reread the transcript from the FDA panel meeting in March of 2016, and my impression is no different than it was over two years ago. The patient population is very sick and Nuplazid although not a perfect drug does offer hope to those suffering from hallucinations and delusion. The latest data from the ADP study showed that four individuals died on Placebo and 4 on Nuplazid, while 10 out of 91 on placebo had an SEA (10.99%), to Nuplazid 15 out of 90 (16.67%).
Take my opinion with a grain of salt, but those are my thoughts.
-Mike
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Michael Kramer and Clients of Mott capital own shares of ACAD
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