Major averages rose on lower, well below average volume with the S&P 500 closing above its 50-day moving average. Oil rallied intraday which triggered the rally in the averages after Venezuela’s oil minister announced plans for his country to meet with representatives from Russia, Saudi Arabia and Qatar in mid-March. Such meetings announcements have triggered rallies in oil in the past yet the downtrend in oil has persisted. Production cut agreements still seem far off.
Futures are up as the rally in oil continues on hopes of a production cut at the meeting in mid-March.
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.