Money poured into industrial names yesterday as the Dow led all indexes with a 0.66% gain vs. the S&P 500's 0.10% and the NASDAQ Composite's decline of -0.11%.Volatility continued to be a factor as the Dow opened up over 200 points, quickly gave up over half of that gain, and then rallied back up over 300 points before giving up 2/3rds of that gain and then mustering a rally at the end of the day to close up 164.70 points. The high levels of volatility continue to make this a difficult environment.
Futures are up as the market struggles for direction. The Fed is slated to release a report on monetary policy at 11 a.m. ET, and other Fed officials are lined up to speak publicly later today. The release of minutes on Wednesday rattled markets, signaling that the central bank is eager to hike rates should signs of rising inflation persist.
Focus List Notes:
NVDA pulled into within 2% of its 10-dma as volume came in below-average. If it can hold this pullback to the 10-dma, it could be viewed as a lower-risk entry point if we see the market find its feet and continue the rally that began two weeks ago.
Market Lab Report - Pre-Market Pulse for Friday, February 23, 2018
|Published:||23 Feb 2018 08:27 ET|
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. ©2023 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.