Major averages finished roughly flat yesterday closing mid-bar on lower but still above average volume. The indexes gave up an opening gap-up move and spun around in volatile fashion all day long with the Dow and the S&P 500 closing slightly up while the NASDAQ diverged to the downside. The market along with most leading stocks have yet to stage any meaningful bounce, a testament to the eroding internals.
Futures are down nearly 2% at the time of this writing as oil falls under $28, a 12-year trading low stoking fears of the slowing economy in China. On the heels of China's slowest economic growth in a quarter century, the People's Bank of China said it would lower lending rates and inject $91 billion into its financial markets, but this announcement did little to boost stock markets in China with the Shanghai Composite off another 1%.
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.