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Market Lab Report - Premarket Pulse 4/20/16

Major averages finished mixed yesterday on mixed volume. Volume was higher on the NASDAQ Composite which finished lower thus added yet another distribution day onto the count. Both the S&P 500 and Dow are approaching old highs which can serve as resistance as was evident throughout much of 2015. The question is whether QE is powerful enough to help continue this uptrend which is the longest, sharpest uptrend without even a minor correction (> 3%) since late 2011/early 2012. The number of headwinds continues to build but some of the capital generated by QE tends to go into equities so that continues to push the markets higher.

Yesterday commodity-related stocks, the proverbial "stuff stocks" of 2006-2008, such as oils, railroads, truckers, precious metals, industrial metals like steel and copper, and fertilizers were strong. Among the precious metals, silver was notable as it gapped up sharply and posted its highest-high since May of last year.

Futures are mildly higher despite oil trading lower by a couple percent as the oil strike in Kuwait may be ending. Also, the latest stockpile data from the API showed a larger than expected build in crude inventories (+3.10 million barrels; consensus 1.60 million). Additional stockpile data from the Department of Energy will be reported at 10:30 ET, and is expected to show that crude inventories increased by 2.40 million barrels. On the bullish side, the Bank of Japan said they stand ready to inject additional QE as needed.

Chinese provider of language training courses EDU had a buyable gap up on a strong earnings report. Earnings and sales strongly accelerating, group rank 60. We reported on EDU's pocket pivot on 4-13-16.

Machine manufacturing company JBT had a buyable gap up. ROE 45%, accelerating sales, institutional sponsorship has grown over the last 4 quarters, group rank 11. JBT tends to trade higher after its earnings reports. JBT reports earnings after the close on April 26. Still, this is a thinner name so caution is warranted.

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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