Major indexes appeared to be headed for a potential follow-through day yesterday throughout most of the trading day, but in the final two hours of trade stalled out badly on lighter volume. The indexes have been trapped in bear flags as they bounce along their 200-dmas but remain above their recent lows. Combined with the weak stalling action seen in a broad swath of individual stocks, the action remains poor, however, although the indexes remain in position for possible follow-through days.
Futures are gapping higher by more than one percent on news Chinese President Xi Jinping pledged to open the country’s markets. Xi said Beijing is developing plans to give foreign companies greater access to financial and manufacturing sectors. These include a cut in tariffs on car imports and an improvement in protection of intellectual property, among other measures. While Xi remained quiet on the trade issues with the U.S., his intended actions address some of Trump's biggest complaints about trade with China. “In a world aspiring for peace and development, the Cold War and zero-sum mentality look even more out of place,” said Xi.
Focus List Notes:
Big-stock NASDAQ names AMZN, NFLX, and NVDA all stalled with the general market to close in the extreme lower end of their daily trading ranges after moving sharply higher earlier in the day. BZUN made the best showing on the day, up 5.81% on above-average volume, but remains within a four-week base.
Market Lab Report - Pre-Market Pulse for Tuesday, April 10, 2018
|Published:||10 Apr 2018 08:33 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. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.