Good Thursday morning
News/Flows: End of quarter squaring and rebalancing were in evidence since Friday the 26th. Media focus continued to be on COVID-19, but the effect on the markets has diminished as hospitalizations and death rates remained lower than anticipated. Infection rates climbed but were most evident in demographics with less susceptibility to negative outcomes.
According to The Stock Trader’s Almanac July begins the NASDAQ’s worst four months. Considering that the last quarter was the best performance in two decades with a 20% run in the S&P 500, more adjustments to portfolio mix should be expected from large institutional money managers. Keep an eye on stocks that have had outsized returns that are up on spikes (FOMO).
Shortside Thoughts: Picking tops (or bottoms for that matter) can be hazardous to one’s financial health. Look for failed spikes in price that leave a long tail and also failed breakouts or breakdowns, as failures tend to result in fast moves in the other direction.
Hot Shorts @ TradeZero:
IBIO, MDCA, CBLI, EKSO, CTXR, SHLL, OPTT
PHCF, EKSO, IZEA, SRNE, APVO, GNC
BHTG, PDSB, BLNK, CLSK, KTOV, CBLI
POLA, BYFC, ATHE, CYDY, OXBR, SHLO
Repeat Shorts @ TradeZero: VXRT, INO, WHKS
The Bear Ears: Hearing that UGLD, USLV, DGLD, DSLV, ZIV, VIIX and TVIX will no longer trade on any national securities exchange after July2. UGAZ and DGAZ will stop trading after 7/10. They will be delisted on 7/12 and there will be no further issuances of these ETNs.
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