The major averages rose yesterday on volume that was roughly equal to the prior day's trade. A number of pocket pivots came through our screens, a sign the market wants to run higher after its 3+ week consolidation. These included steels, AKS, X and STLD, copper FCX, bio-tech MYOV, telecom QTNA, cloud commerce name SQ, and Chinese retailer JD.
Perhaps the Dow Jones Industrials will finally achieve the long awaited 20,000. It will be interesting to see how it trades in the aftermath. March 1999 marked the month it hit 10,000 then promptly reversed by 4.6% in the ensuing four trading days, then over the following two weeks, reversed back up through the 10,000 level with success.
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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.