“COVID Push” for Small Biotech Stocks
Your feedback prompted us to sift through the history of mail-in voting, and the first instance — you might be surprised — dates to the Civil War when soldiers were encouraged to send ballots from the battlefield to be counted in their home states.
Later, states passed “absentee ballot” laws for civilians in the late 1800s. The laws were meant to serve voters who were away from their home states or who were seriously ill on Election Day.
It wasn’t until the 1980s that California became the first state allowing voters to request an absentee ballot for any reason.
By 2020, thirty-seven states had followed California’s lead, allowing “no-excuse” absentee ballots. However, California — along with eight other states — doubled-down, mailing ballots to all voters.
But you’ll notice five states are holdouts, meaning an excuse is required in order to cast an absentee ballot… and the pandemic didn’t pass muster as a legitimate excuse for the 2020 election.
We’ll have more on the history of mail-in voting on Friday; we’ll be taking a look at examples of fraud.
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Your Rundown for Wednesday, Nov. 11, 2020…
Biotech Comeback: Five Years in the Making
Chief trading specialist Greg Guenthner has keyed in on a sector that’s picking up where it left off in 2015…
“The ‘COVID push’ has sent big biotech stocks to all-time highs,” says Greg. “Notice the green arrow.
“The last high was after the big run up in 2015,” he continues, “but the sector has lagged for years.
“I contend the sector is consolidating now and might be ready to springboard higher if it can extend gains this month,” says Greg. “If that happens, we might get another big rally like we saw from 2012-2015.
“That would be huge — since IBB doubled every year during that incredible bull run.
“SPDR S&P Biotech ETF (XBI) looks a lot stronger on the daily, and is starting to separate itself from IBB in its year-to-date performance,” he says. “With XBI now +25% YTD, while the big boys in IBB are up just 13%.
“I think it might be time for smaller biotech to shine,” Greg concludes.
Market Rundown for Wednesday, Nov. 11, 2020
S&P 500 is down 16 points to 3,560.
Oil’s up 2.7% to $42.49 for a barrel of WTI.
Gold’s down almost 1% to $1,858.60 per ounce.
Bitcoin is up 1.8% to $15,676.04.
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We’ll have more to say Friday.
For the Rundown,