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Market Lab Report - Premarket Pulse 5/20/16

Major averages fell yesterday on lower volume and managed to recover some of their intraday losses. The number of distribution days remains pronounced, and the troubles staging any meaningful rally remains. Nevertheless the S&P 500 and the NASDAQ Composite held support along their recent lows. The NYSE Composite Index found support at its 200-day moving average.

Whether the bounce holds remains to be seen, but futures are up at the time of this writing. Since late 2014, the bullish effect QE has had on the markets has clearly diminished compared to the period between early 2009 and late 2014.

Keep a close eye on potential shorts as per the guidance reports we have been sending out. While some of these names have dropped in price since we first reported on them, any market bounce could bring them back up into areas of potential resistance, and in some cases could stop out short-sellers. Short-selling generally requires a great deal of persistence and a willingness to remain flexible, sometimes shorting, covering, and re-shorting a stock several times before a major downside break develops.

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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