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Market Lab Report - Premarket Pulse 10/28/16

Major averages fell yesterday on higher, above average volume on indications that rate hikes may be coming sooner than later. The NASDAQ Composite reversed badly after an initial morning gap-up move to close further below its 50-day moving average. The small cap Russell 2000 has been the worst performer as this listless, go-nowhere, mosh pit of a market is turning into a risk-off, down-trending market, at least for now.

Interest rates were on the move after Bank of Japan Governor Kuroda said that the yield curve is moving in line with the central bank's expectations and that large-scale asset purchases may not be needed in the future. Further, the first post-Brexit vote advance GDP reading out of the UK came in better than expected (+0.5% quarter-over-quarter vs. expected 0.3%), diminishing hopes for further policy stimulus from the Bank of England.

The "forces" that be such as the alleged Plunge Protection Team are designed to prevent markets from blowing apart by keeping corrections to a minimum, especially ahead of the November 8 elections. Naturally, the last thing the status quo wants is a major market correction prior to November 8 since that could tilt the odds against the incumbent party taking office since people do vote with their pocketbooks.

In earnings news, GOOG reported favorably, BIDU somewhat neutrally, while AMZN came in light. GOOG and BIDU are up slightly at the pre-open while AMZN is down. Third quarter U.S. GDP came in at 2.9%, above expectations, mostly based on a late summer surge in soybean exports.

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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