Markets

One Worry Off the Table (Until December)

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The market couldn't come all the way back from yesterday's stiff losses…it wasn't even close. However, the major indices did finish Wednesday's session on the positive side. President Trump and congressional leaders extended the debt limit for a few more months, which alleviates (or at least delays) one of the market's many concerns at the moment. Of course, there's still plenty to worry about, especially North Korea, Hurricane Irma and passing tax reform.

Nevertheless, the S&P got back on the plus side today with an advance of 0.31% to 2465.5, marking its seventh positive day in the past 8. The Dow increased 0.25% to 21,807.6 and the NASDAQ was up 0.28% to 6393.3.

The portfolios were quiet on Wednesday. The only activity came from TAZR Trader , which sold UVXY for an approximately 2.8% gain. But this was a busy day of news. In the highlights section below, learn about a double-digit performer for Healthcare Innovators , along with some analysis about the debt ceiling and the approaching hurricane from a couple of the editors.

Today's Portfolio Highlights:

Healthcare Innovators: Shares of Sarepta Therapeutics (SRPT) soared today on news that golodirsen, an experimental therapy for Duchenne muscular dystrophy (DMD), received some encouraging data from an early-stage muscle biopsy study. Kevin picked up SRPT for the portfolio back in May, and considered it a "highly speculative" pick for all the normal reasons why one would be wary of a biotech. But today, it was the best performing stock among all the portfolios with a surge of 13.8%. By the way, Healthcare Innovators also has four of the top five movers over the past 30 days, as the chart above shows.

Surprise Trader:"So, some good news and bad news in the debt ceiling deal. It appears as if Trump has agreed with the Democrats for a debt ceiling deal that should carry us to the end of the year funding-wise. The deal also gets the funding for Harvey on its way, so people in Texas should get that shortly as well.

"However, this could just be setting up an even bigger fight in December. Democrats are expected to have more leverage then, and it could be difficult to rally all of the Republicans to the same cause. This may force the Republicans to work with the Democrats to avert disaster, and that doesn't exactly have great track record.

"Still, it is at least somewhat encouraging that Trump and the Democrats were able to work together, while we do kick the can down the road a little longer at the same time. Overall, a step in the right direction, but we will likely be back here in a few short months once again." -- Eric Dutram

Options Trader:"While the House of Representatives just approved a $7.9 billion aid package for Hurricane Harvey (the Senate is expected to vote on it later this week), we now have Hurricane Irma, which could hit FL this weekend, and become the most expensive storm in U.S. history.

"The markets actually held up pretty well, all things considered.

"But the Category 5 Hurricane that could potentially hit the continental U.S. definitely has some market participants uneasy.

"I know the market can be confusing at times. One piece of information comes out and casts a pall on the market, only to see other news come out that lifts the market back up. Fortunately, one overriding axiom to help navigate the market remains as true as ever, and that's to trade in the direction of the trend. And that trend solidly remains up." - Kevin Matras

All the Best,

Jim Giaquinto

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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