MLR - PMP 1/22/15
Major averages except for the small cap risk-on Russell 2000 moved higher but on lower volume implying doubt from big monied institutions about this rally having legs. This morning the European Central Bank announced a 60 billion Euro per month expansion of its current QE program, which could help push major averages up into their respective 50-day moving averages which could serve as resistance. But so far, Euro-QE has done little to help push European markets higher as most of these markets topped in June 2014 and have since been heading lower into bear market territory with the UK market off more than 20% and the European markets off roughly about 15%. Meanwhile, China announced an $8 billion stimulus injection into its financial system after the country showed the slowest economic growth in two decades last week.
Futures are up sharply on the ECB announcement.
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.