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Market Lab Report - Premarket Pulse 2/24/17

Major averages finished flat to lower on mixed volume. A number of leading stocks took deep hits. When the market pulls back even 1-2%, leaders can take it on the chin by losing a lot more. So while the major averages look mild in terms of yesterday's action, leading stocks tell a different story.

Futures are lower by about half a percent at the time of this writing after a 10-day string of record gains in the Dow Industrials Index as well as European markets.

Yesterday saw a significant change of character among a broad number of leading stocks. Among those on our Focus List:

AGX was a sell on Monday per our comments on over the weekend. The stock had violated its 50-day moving average and then rallied back up into the line, providing investors with a convenient out point if it could not hold at the line.

AKS failed to hold its 10-day moving average, failing on its recent bottom-fishing pocket pivot.

BOX violated its 10-day moving average but found temporary support at its 10-day moving average. Anyone using the Seven-Week Rule would use this as a selling guide. This could get worse depending on whether markets find a floor soon or we push into an extended correction.

X failed on a recent breakout attempt, further highlighting the risk of buying breakouts in a market where breakouts produce little in the way of sustained upside in the vast majority of cases.

FCX gapped down on Tuesday but had already violated its 50-day moving average on Monday, so it became a sell at that point. It has moved lower over the past two days.

MOS broke down hard through its 10-day and 20-day moving averages, and is now set to test support at its 50-day moving average.

NVDA gapped below its 50-day moving average on heavy volume. We've already discussed this as potentially morphing into a short-sale target per our discussion in the prior two weekend Focus List Review report.

Investors should remain alert to the possibility of more Focus List names breaking support, and prepared to act accordingly, in a swift and decisive manner.

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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