Major averages finished yesterday mixed near the low end of their trading ranges on mixed volume (higher on the S&P 500).
Oil prices had their biggest one-day percentage drop since February 2016. Data showed that domestic-crude supplies jumped 8.2 million to 528.4 million barrels--the highest level on record.
Focus List Review
FTNT had a pocket pivot through its 10- and 20-day lines.
QTNA had a pocket pivot but closed almost midbar.
GKOS violated its 10- then 20-day lines as it heads back to its 50-day moving average. As we wrote over the weekend, "We would consider the current action as a sign to exit the stock, assuming one did not sell into the gap-up move, and allow it some time to stabilize and perhaps build a new base after getting extended to the upside."
CC is exhibiting volume dry-up action as it trades between its 10- and 20-day lines.
Among our short-sale targets we would note that TSLA is sitting at its 50-day moving average where it would be shortable on a volume move below the line. We would consider any rally back up towards the 20-dema as a more optimal short-sale entry point.
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. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.