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Market Lab Report - Premarket Pulse 1/5/16

Market averages got clobbered right out of the starting gate on the first trading day of the New Year then could barely manage any sort of rally attempt until the last half hour. Indices consequently clawed their way back finishing at their intraday highs but still down on higher volume. Meanwhile a number of big-stock leaders blew through and gapped down below their 50-day moving averages, including names like NFLX, AMZN, GOOGL, FB, PANW, etc.

With China's markets halted on Monday when the Shanghai Composite tripped its 7% circuit breaker, Tuesday's action remained volatile with the index finishing fractionally lower but off as much as more than 3% during the trading day. As we mentioned in yesterday's report, a surprise cash injection from China’s central bank would be unsurprising. That said, the bank infused its markets with about $20 billion but this failed to calm investors’ nerves.

Chinese investors remain concerned about Friday when the ban on selling by large stakeholders is expected to end. Analysts estimate the ban, one of the many bailout measures introduced during the summer stock crash in China, could cause large shareholders to sell as much as $152.96 billion in stock. This concern was one of the reasons for Monday's selloff in China.

Futures are currently down around 0.3% at the time of this writing.

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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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