Markets stable after sell-off;Dollar down

The dollar traded down 0.38% after a fierce rally yesterday that coincided with a weak stock market. Crude fell 1.5% today to $69.77 a barrel with weak employment number and assumption that energy demand will take a long time to rebound. Unemployment rose to a 26 year high of 9.8% as 263,000 payroll jobs were […]

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Caution Flag Up with broad sell-off of 2-3%; Deflation risk back?

The market took a thrashing today with the biggest one day slide since July 2; major indices were down 2-3% but materials and financials were down 4%. The Dollar Index DXY was up 0.7% to 77.2% just off its one year low of 75. Equities have been tracking the dollar and oil trade and with […]

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Gold up $17 to $974, gold and silver stocks follow

Gold futures shot up today at 10:30 am NY triggered by a weak jobs report as it broke through 60 day highs of 960. The six month high was 980 in May 2009. Gold investments have made money over 8 years starting at $300 in 2001. Gold hit a high in the $1000 area in […]

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Reflation trade back on: crude up,dollar down, housing sales up

Crude oil futures continued their momentum today with October prices at a 2009 high of $74. The market followed as all four major stock indices reached 2009 intraday highs. Strong home sales for the 4th month in a row were one of the catalysts. July sales of existing homes jumped 7.2% the fastest sales pace […]

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H1N1 Influenza vaccine manufacturers ramp up for October 15

Vaccine shortages may require targeting of subpopulations As health officials in the Northern Hemisphere mobilize for the annual Flu season compounded by the pandemic H1N1(Swine) Flu, production of a vaccine looms critical. Last week the WHO said that H1N1 Flu is already spreading in India, Thailand and Vietnam coinciding with the monsoon season. Transmission has […]

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Risk trade off with strong dollar, weak China action

A continuation of the broad market sell-off that started Friday picked up speed at the open but has stabilized; traders are anxiously looking at the last 15 minutes of trading to see if a downdraft kicks in. The US Dollar Index is at $79.26 off its daily highs but higher than recent 5 day lows […]

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Biotech Sell-Off Continues

Biotech stocks followed the market down today with the NASDAQ being down 1.8% and the S&P down 1.5% . The biotech ETF’s tracked the market closely with the IBB down almost 2% and the XBI down 1.65%. The summer rally which gathered momentum with the acquisition of Medarex by Bristol on July 24 has given […]

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Caution on biotechs and energy

Biotech stocks were unusually weak today with many mid-caps down 3-4%. High flier CBST was down even more due to an Oppenheimer downgrade. The ELN lawsuit against Biogen regarding the Tysabri deal with JNJ didn’t help matters. More analysis to follow as this is a travel day. Energy stocks were also on the weak side […]

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Weak dollar boosts Reflation Trade

Ten Month Low on the Dollar The US Dollar Index Future (DXY) gapped down 1.3% today at 78.27 approaching September 2008 lows. This dollar drop immediately brought money into gold up nearly 2% to the 950+ level. Gold is the pure play on the dollar. Gold and silver stocks also rallied with AUY,GDX, NEM and […]

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Medarex acquisition ignites broad biotech rally

Bristol Myers announced Thursday that they will buy Medarex (MEDX) for $16/share or $2.1B a 90% premium over yesterdays’ market price of $8.40. Medarex is one of the leading biotech companies focused in human antibody development for use in a broad range of therapeutic areas such as cancer, autoimmune diseases and infectious diseases.The companies already […]

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