Major averages rose above resistance points on mixed but well below average volume. As stated in prior reports, light non-institutional volumes this time of year can exaggerate market moves in either direction. Therefore it is difficult to call a change of major trend, particularly since yesterday's gap-up move was attributed to rising oil prices. Oil-related names led the rally early in the day but faded as big-cap NASDAQ names and the NASDAQ 100 Index led the charge.
In contrast, this morning oil is off more than 2% as Saudi Arabia says it will no longer limit its production of oil. U.S. stock market futures are feeling the pressure trading down roughly 0.2% at the time of this writing.
Over in Europe, stock markets are overall on track for their worst December in more than a decade as another selloff in commodities pushes stocks lower.
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. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.