Major averages rose on higher volume closing near the top of their trading ranges. The S&P 500 and NASDAQ Composite both bounced off their respective 20-day moving averages. The NASDAQ's upside reversal on higher volume sent it back above its 200-day moving average once again. We also noticed a number of leading stocks bounce off of key moving averages, including names like AVGO, SIMO, NVDA, and FB.
Helping the rally was oil which topped $42/barrel as Saudi Arabia and Russia will freeze oil production at current levels even if Iran does not take part.
Futures are up over half a percent as global markets rally despite lower global growth expectations issued by the IMF, and Germany's leading economic institutes lowering its 2016 GDP forecast to 1.6% from 1.8%. Further, China's March trade surplus came in slightly under expectations, but both exports and imports surprised to the upside.
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.