Major averages closed near breakeven on higher volume, though the day was overall uneventful.
In favor of the majors continuing their advance are:
1) The growing number of recently actionable names
2) The overall health of stocks with right side of bases firming up
3) The shrinking number of bulls by way of investor sentiment
4) Quantitative easing due to a slack economy.
In favor of the majors continuing a sloppy sideways move:
1) Fears of a rate hike sooner than later
2) A news driven market - news out of Greece et al and any reports of economic strength making investors nervous about rate hikes
3) Two important internal indicators we use have yet to signal a green light to the current attempted uptrend.
Odds favor a breakout over a breakdown.
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. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.