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Conventional wisdom has it that August is a time when the summer doldrums start to set in. While there have been notable exceptions, it tends to be a quiet time of year. Broadly speaking, we’ve seen that happen this year as the VIX closed out the week below the driving age, and the major averages all saw only modest declines.

Don’t talk about the summer doldrums to Moderna (MRNA) and Bitcoin, though. On Wednesday, shares of MRNA rallied 177% after the company announced positive results for its cancer vaccine in combination with Merck’s (MRK) Keytruda in treating melanoma (skin cancer). By our calculations, it was the largest ever one-day gain for an S&P 500 stock and just the second time one doubled in a single session. The other one-day doubler was Hartford Insurance (HIG) on December 5, 2008, when it rose 102.36% in a massive short-covering rally driven by speculation that the company would qualify for TARP capital injections. Remember TARP? Bitcoin saw another unprecedented move this week. The largest cryptocurrency rallied more than 20% this week and traded 5.1 standard deviations above its 50-day moving average. Even for a volatile asset like Bitcoin, that’s a record. MRNA and Bitcoin were the exceptions, though.

Overall, the major averages seem to be stuck in a sideways range as investors wrestle with the question of whether growth stocks can regain their momentum or whether there’s been a longer-term shift to value. Will the next move be a breakdown or a breakout, and what factors will be behind the move?

You’ll have to read the full report to find out!  Simply start a trial to any of our membership levels to give it a read over your weekend coffee.  We hope you enjoy it!