Major averages closed mixed in the lower half of their trading ranges on higher volume. The S&P 500 met resistance once again at its 50-day moving average then headed lower for much of the day. Financials and oils were the worst performers. That said, today, the energy component is up 0.8% after Saudi Arabia's energy minister said the OPEC/non-OPEC production cut agreement is more likely to occur.
Initial jobless claims came in at 244,000 vs. est 242,000. Today's tally was above the unrevised prior week count of 234,000. Continuing claims declined to 1.979 million from the unrevised count of 2.028 million.
Focus List Review
COHR posted a pocket pivot off its 10-dma. Earnings are expected to be reported next week.
NFLX closed definitively under its 50-dma for the first time in several months on heavy selling volume following Tuesday's initial close a hair below the 50-dma following its Monday after-hours earnings report. Since the close was roughly at its 50-dma, this would not technically be considered a violation, but it is behaving badly given its price/volume action after it reported earnings.
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. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.