Happy Friday everyone. I'm sure all of you are looking forward to a nice long weekend now and for good reason. The markets have literally stifled enough speculators out there frustrating them to no end - as another big one day selloff yesterday took the previous day's rally by surprise.
This can sometimes be the type of activity we get before another quarterly earnings period, so it's something everyone should take with a grain of salt. At the end of the day, everyone should always assume this bull market is still very much intact until something fundamentally major drops to change the current economic landscape - and that just hasn't happened.
There's always the possibility of a disastrous geopolitical type event, or something along those lines, but let's face it - that's not something anyone can ever really predict. So, it's probably far more prudent to be the bull when everyone else starts to become a bear, and we've had a lot of that going on lately.
Based on the way the major averages have been behaving lately, the S&P 500 could even be in a position to start rallying again as soon as next week now that the benchmark index has pulled back to its 50 day moving average. Nothing is ever for certain in the stock market except of course for the fact fundamentals always win, so the fact remains corporate earnings are still looking good well into next year.
Many people continue to think the bull market is coming to an end, but they're basing that on historical trends. However, what the stock market has done over the last several years is unprecedented. So, who's to say this will come to an end anytime soon?
As for all of our featured stocks - and the new ones we added just yesterday - the two clear leaders on the day are Silver Spruce Resources Inc. (OTCBB: SSEBF) and Abeona Therapeutics Inc. (NASDAQ: ABEO).
Silver Spruce Resources Inc. (OTCBB: SSEBF) is up a penny on what appears to be no news. However, that one penny equates to a 28% gain on the idea, and you're probably not going to find many of those on a day like today. Regardless, it does look like the stock is starting to garner more interest now, which is always a good thing for any small junior miner.
Abeona Therapeutics Inc. (NASDAQ: ABEO), on the other hand, continues to make new short-term highs. And if yesterday's news is any indication of what's in store for ABEO going forward, investors might want to have a hard look at the small biotech.
The clinical-stage biopharmaceutical company focused on developing novel gene therapies for life-threatening rare diseases, announced that the FDA has granted Orphan Drug Designation (ODD) for Abeona's ABO-201 program (AAV-CLN3), the AAV-based single intravenous gene therapy program for juvenile Batten disease, a fatal lysosomal storage disease of the nervous system caused by autosomal-recessive mutations in the CLN3 gene.
"Receiving FDA orphan drug designation for ABO-201 augments Abeona's suite of regulatory achievements, providing certain benefits and incentives, including marketing exclusivity, that are strategically important from a regulatory and commercial perspective," stated Timothy J. Miller, Ph.D., President & CEO of Abeona Therapeutics Inc. "The published ABO-201 preclinical data from Dr. Tammy Kielian's lab support the clinical translation for patients with juvenile Batten disease, and demonstrated the importance of selecting the right vector and delivery route for potential CNS benefit and to remove the underlying pathology associated with the disease. This designation helps advance the ABO-201 program and we look forward to initiating human clinical trials later this year."
Preclinical data supporting clinical trials for ABO-201 (AAV-CLN3), the AAV-based single intravenous gene therapy program for juvenile Batten disease, (juvenile neuronal ceroid lipofuscinosis, JNCL), were published in the September 2016 issue of the Journal of Neuroscience (doi: 10.1523/JNEUROSCI.1635-16.2016). The publication article can be accessed by clicking on the following link: http://www.jneurosci.org/content/36/37/9669.short.
The stock is being nicely rewarded on the morning so far, but the real key will be if it can break out of the range it has been trading in for several months now. That's going to be the ultimate determining factor if the stock is really going to take off. Let's hope a few more days of strength makes that happen, because if it does, we could be looking at a big move higher soon.
We hope all of you have a tremendous long weekend and we'll see you on Wednesday!