Major averages fell on higher though below average volume. The majors were up seven days in a row so the pause, albeit minor, could be expected. Futures are up at the time of this writing.
The fed funds futures CME FedWatch tool expects the Fed will raise the fed funds rate again at the June 13-14 FOMC meeting, but then may hold off on another rate hike until 2018 as odds of a hike after the June meeting have fallen to 45.3% for the remainder of 2017, down from 53.5% a week ago.
Focus List Review
AMZN cleared the $1,000 mark yesterday morning but failed to follow through, closing just below the Millennium Mark as buying interest waned. The century mark rule would apply especially for such a milestone.
MOMO closed below its 50-dma on volume that was 70% above average. This put the stock in position for a possible violation of the 50-dma.
SNAP held support at the 20-dema as volume came in at -59% below average and then closed back above the 50-dma. This puts the stock in a lower-risk entry position using either the 20-dema or the 50-dma as tight selling guides.
TSLA broke out on volume that was 28% above-average. This could be considered a buyable move using the top of the short three-week flag at 327.66 as a tight selling guide.
WIX moved to higher highs early in the day yesterday but turned back to the downside on an outside reversal as selling volume increased but remained -28% below average.
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.