MLR - Market Pulse August 27, 2012

Published : August 27 2012 at 8:31 ET

U.S. markets are set to build on Friday's strong gains on the back of Apple's (AAPL) big patent victory over Samsung, announced Friday after the close. U.S. futures are up sharply this morning and drifting steadily higher as the opening bell approaches. European markets are also up across the board as the positive tone of U.S. markets overshadows a big 1.74% drop in China's Shanghai Composite as it hit lows not seen since early 2009.

QE remains in the forefront of investors minds, and over the weekend the Fed's Evans commented that the Fed should continue to implement QE measures until unemployment begins to reverse course, indicating that "...we are well past the tthreshold for additional action; we should take that action now." Meanwhile, silver and gold have both moved above their 200-day moving averages, a critical technical hurdle as they try to sustain their current moves up and off of recent price lows and begin to move up the right sides of their technical chart patterns.


AAPL is obviously the big story of the day as it moves through the 680 level after closing at 663.22. AAPL's move is likely to drag other tech stocks higher with it, and pre-open indicatiions confirm this.

General and branded drug developer WPI gapped up at Friday's open as we reported to members right after the opening bell, then moved higher all day on favorable FDA approval news for its lidocaine topical patch 5%. WPI was up 41% in earnings in its most recent quarter compared to the same quarter a year ago.

This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.