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Market Lab Report - Premarket Pulse 12/13/16

Major averages finished yesterday mostly lower in the bottom half of their trading ranges on mixed volume, though the Dow Industrials managed to eek out a small gain. A consolidation of recent gains is natural as the indices such as the S&P 500 were getting a bit too far above their 10-day moving averages. An initial gap-up move in oil stocks after non-OPEC members agreed over the weekend to their own production cut faded into the close with many oil stocks reversing on heavy volume.

When the Federal Reserve meets over the next two days, analysts suggest Yellen may argue the economy has made tremendous progress as the unemployment rate is as low as it was in 2007 before the market crash, but sluggish wage growth remains a concern. Average hourly earnings fell unexpectedly in November, bringing down the yearly rate of wages to 2.5% from 2.8% in October. Yellen is also likely to take a wait-and-see approach to Trump’s fiscal plans which are clearly stimulative to the economy.

While December tends to be a seasonally strong month, keep in mind that in both 2014 and 2015, December had two minor corrections. In addition, strong long set-ups are far and few between, which makes taking new positions ahead of the year-end more problematic, and requires instituting tight risk-management.

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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