Pocket Pivot Review - Focus List Update 10-13-16
Central banks tend to move together, and with odds pointing towards a rate hike in December, precious metals, bonds, and stocks have all corrected somewhat. Precious metals ETFs GLD, SLV, and GDX and bond ETF TLT are all trading around their 50-day moving averages.
So while they are undergoing a correction, the continued troubles in China and Europe may prevent the Fed and other central banks from hiking rates and/or tapering. Should such a scenario become more evident, we could see the price of stocks, bonds, and precious metals regain their lost ground sooner than later as they have done so many times before.
With that in mind, it is key to remain fluid in one's views of the market.
TWLO, ACIA - two former price leaders that are in corrections, having undercut their respective 50-day moving averages.
ANET has been the only name added since September 21 which shows how few new stocks this market has offered up. Of course, the day after ANET was added to the list, it would have been sold on the reversal back into its base around 85 for a 1.7% loss.
Stocks getting support at their 10-day moving averages: NTES
Stocks getting support at their 20-day moving averages: WIX, WB, ISRG, EDU
Stocks getting support at their 50-day moving averages: BABA, ELLI, GIMO, GKOS, GRUB, EW, LN, SSTK, NVDA, FB
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.