Expert technical analysis of financial markets by JC Parets
by David
The largest insider transaction on today’s list is a Form 4 filing by the Greenwich-based hedge fund Viking Global Investors.
The fund reported a purchase worth roughly $40 million in the small-cap biotech Inhibrx $INBX, increasing its total stake to 17%.
by David
From the Desk of Kimmy Sokoloff
It was a very uneventful day, even though we had the Fed minutes out at 2:00 p.m. ET.
The $SPY stayed below 360 and held onto the lows at 355.71.
by David
From the Desk of Kimmy Sokoloff
Volatility reigns, and it surely proved itself yesterday with the massive drop in the indices starting around 2:45 p.m. ET.
To me, the S&P 500 would have to get above and stay above 3,667 and the $SPY above 365.50 for this market to trend higher.
Otherwise we can continue lower. SPY support is at 360, then 358. Resistance is at 364.
by David
Cathie Wood’s ARK Investment Management is on our list today, as the ETF provider just filed 13Gs for two of its healthcare holdings.
In one of the filings, ARK reported a 10.64% stake in the genomics outfit Ginkgo Bioworks $DNA.
ARK also revealed an increase in its ownership of CareDx $CDNA, from 6.89% at its last filing in February to 10.83% today.
by David
From the Desk of Kimmy Sokoloff
Starting at 11:00 a.m. ET, the market started to gain some traction and trended higher from the morning lows.
A little before 3:00 p.m., news from the Bank of England sent the indices all the way back down to the lows.
A round trip, to say the least…
by David
From the Desk of Kimmy Sokoloff
As of 6:00 a.m. ET $SPY was trading at 356, below the most recent low of 357. We have since bounced.
As we know, this can all change by the time the market opens.
by David
From the Desk of Kimmy Sokoloff
This market is not for the faint of heart. It’ll whipsaw you around, so you must be diligent. Failing that, it’s best not to trade.
Just because I’m taking a trade doesn’t mean you have to.
by David
From the Desk of Kimmy Sokoloff
We have the Consumer Price Index data for September coming out on Thursday morning, and we have more Fed speakers this week as as well. Expect more tough talk about inflation.
Should the $SPY break down below 360.94, we can potentially head to the lows of 357.04.
I’m monitoring the $QQQ as well to see if it touches the lows at 267.01.
