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Stock-market bets against Nasdaq index hit decade peak

Stock-market bets against Nasdaq index hit decade peak

The technology-laden Nasdaq Composite Index stands less than 2% from its early September peak, as of late Tuesday trade, reflecting its resurgence from its jaunt into correction territory less than a month ago.

However, rather than betting on continued progress in the popular benchmark that has led the run-up from coronavirus-induced lows, investors are mounting bets that the benchmark continues to be overpriced and faces a fresh collapse in the near-term.

“Somebody, somewhere, still wants to bet against this market,” writes Jason Goepfert, head of SentimenTrader and founder of independent investment research firm Sundial Capital Research, in a Tuesday research note.

Goepfert writes that so-called short interest, or the total number of shares of a particular stock or fund that have been sold short by investors, but haven’t yet been covered or closed out, on stocks trading on the Nasdaq Composite
COMP,
-0.10%

rose in the last two weeks of September to around the highest level in 10 years, at around 9.7 billion shares (see chart below expressed as a percentage below a chart of the Nasdaq Composite’s absolute value).


Jason Goepfert at SentimenTrader

Of note, Goepfert said some investors view rising short interest as a contrarian sign, one that may signal a bullish trend for the benchmark market, since it also reflects a potential snapback trade for stocks if bearish investors suddenly are forced to unwind their short bets and buyback stocks they have borrowed in their short bets.

However, the SentimenTrader analyst says investors willing to dismiss the current rise in short-term interest, or view it as a potential cause for buying and not caution, do so at their own peril.

As the stock market has surged higher in the aftermath of its swoon back in March, amid the peak of selling precipitated by worries about the economic

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Nasdaq soars as tech stocks lead a market rally

Nasdaq soars as tech stocks lead a market rally

Wall Street rallied Monday with tech stocks leading the way. All three major stock indexes soared higher.



a person riding a bicycle on a city street


© Michael Nagle/Bloomberg/Getty Images


The Nasdaq Composite was the strongest performer, rallying 3.2% in the mid-afternoon.

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The Dow was up 1.1%, or 300 points, and the S&P 500 climbed 2%.

All three benchmarks inched closer to record territory once again. The Nasdaq and S&P 500 stand to beat their closing level from early September, the Dow’s last record finish was in pre-pandemic times.

Shares of Apple were among the top performers in both indexes. The tech giant is slated to announce its new iPhone on Tuesday after weeks of pandemic-related delays. Apple stock traded nearly 7% higher.

Meanwhile, shares of Nasdaq-listed software company Twilio rallied more almost 8% after the company announced its intention to buy data start-up Segment for $3.2 billion.

Software stocks look to be getting out of the rut that dominated tech stocks in September, said Paul Hickey from Bespoke, and Monday’s rally is proof of that.

Otherwise, the Columbus Day holiday on Monday meant a more quiet day in terms of economic news, but third quarter earnings season is just around the corner. The season kicks off with America’s big banks, including Citigroup and JPMorgan starting to report on Tuesday.

Analysts at Goldman Sachs think earnings will paint an uneven picture of corporate America, as some businesses recovered from a disastrous second quarter while others are still struggling.

Besides earnings, the election is also fast approaching with only three weeks left to go.

“Investors are focused on the implications of a ‘Blue Wave’ election given that the probability of a Democratic sweep has climbed to 60% from 47% one month ago,” the analysts said in a note to clients.

Investors will also have to keep an eye

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Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

InMed Pharmaceuticals, a clinical stage biotech developing cannabinoid-based products, announced terms for its IPO on Thursday.

The Vancouver, Canada-based company plans to raise $10 million by offering 2.4 million shares at $4.13, above the last close of its shares on the OTCQX (IMLFF) and the Toronto Stock Exchange (IN). The company is also offering warrants to purchase 2.4 million shares of common stock at an assumed exercise price of $4.13. At the proposed price, InMed Pharmaceuticals would command a market value of $32 million. Because the company is offering warrants and its market cap is below $50 million, InMed is no longer eligible for tracking and will be excluded from Renaissance Capital’s stats.

InMed Pharmaceuticals is developing an API using a synthetic cannabinoid named cannabinol, or CBN, and plans to develop its two products INM-755 for rare skin disease Epidermolysis Bullosa (EB) and INM-088 for glaucoma. INM-755 is currently in a Phase 1 trial in The Netherlands.

InMed Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol INM. Roth Capital is the sole bookrunner on the deal.

The article Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

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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