Major averages rose on mixed volume. The higher volume on the NASDAQ Composite was easy to achieve as Friday's volume was lower than normal given the 3-day weekend. The bounce in leading names such as AMZN and GOOGL on declining volume has been anemic relative to the bounce in the major averages. A wedging pattern is forming for both names, though should the bounce continue a bit longer, such names would likely catch up to the rising market as institutions tend to favor such big cap names as safer places to invest their capital. Nevertheless, the bounce remains suspect thus keeping a close eye on any potential short-sale candidates is prudent.
Futures are up almost 1% at the time of this writing as the Federal Reserve's minutes from their last meeting are due for release at 2 PM EST. The hope is that the minutes will show more evidence of a pause in rate hikes. Meanwhile, other central banks continue to ease as signs of any meaningful economy recovery remain elusive.
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.