Major averages rose on higher volume, closing near their highs. Small and mid-cap stocks were up the most playing catch up as they have been lagging. The NASDAQ Composite and NASDAQ-100 both made new closing highs.
Signs of economic growth over in Europe and in China have helped underscore the notion that deflation is less of a threat now than before. The European Central Bank plans to continue to use quantitative easing as a necessary tool, thus does not want to send a premature signal that it will be hiking rates anytime soon. Nevertheless, markets are taking this as a positive turn of events. This does not remove the strong possibility that all this money printing that has taken place since 2009 will have any sort of soft landing. As always, watch your stocks.
Focus List Update
MOMO posted a continuation pocket pivot off its 10-dma. We would prefer to have entered the stock when it was still sitting at the 10-dma on light volume, per our notes from yesterday.
SNAP is pulling into its 10-dma as volume dried up to -65.4% below average. This brings it into a lower-risk entry position near the 10-dma while using the line as a tight selling guide.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (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. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.