Major market indexes reversed course yesterday after a strong opening, with the NASDAQ Composite Index posting a full outside reversal to the downside, quite an achievement considering yesterday's incredibly strong gains. Volume was higher across the board. The market is obviously in a very dangerous and volatile state, with many leading stocks coming apart yesterday in brutal fashion. Many Chinese names, including Alibaba (BABA), which had rallied yesterday on news that the U.S. and China were holding discussions to reach agreement on lowering China's trade surplus with the U.S., sold off hard.
Futures were attempting to bounce after trading lower for much of the early morning but are now once again heading lower. Expect heightened levels of volatility.
Focus List Notes:
Every single name on the list posted a huge outside reversal to the downside on heavy volume. If the action of these names as a group is indicative of the health of this market, this market has some serious problems.
Market Lab Report - Pre-Market Pulse for Wednesday, March 28, 2018
|Published:||28 Mar 2018 09:03 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.