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Market Lab Report - Premarket Pulse 4/22/16

Major averages fell yesterday on mixed volume, higher on the S&P 500, but despite yesterday's lower volume on the NASDAQ Composite, it has had a number of distribution days over the past 20 days. On a technical basis, the Dow and S&P 500 may experience temporary reversals in the days ahead as they approach old highs.

Weak economic news out of Europe and a series of earnings misses by juggernauts GOOG, MSFT, SBUX, GE, and CAT are weighing on futures. Areas of leadership, such as the airline stocks, came under sharp pressure yesterday, and big-stock NASDAQ names like NFLX and AAPL have broken down as they have breached major moving averages on volume over the past several days.

The action indicates that investors should maintain a cautionary stance as they keep a close eye on their trailing stops while avoiding the urge to chase strength in names that continue to act well. It is best to wait for pullbacks into logical areas of support before initiating long positions as a method of limiting risk as much as possible in what is admittedly a tricky and difficult environment.

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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