Major averages closed mixed yesterday on higher, above average volume but managed a strong rally all the way into the close. The Dow suffered a distribution day while the S&P 500 closed down -0.1% and the NASDAQ was up 0.29%. The higher volume may have been related to month-end activity.
Overnight, economic news out of Europe and China came in weak overall, pushing foreign markets lower. As a result, futures are also trading lower by around a quarter percent at the time of this writing. Some consolidation of the major averages could be expected after their bounce. The S&P 500 is just a percent or so off its all-time highs.
Lighting product maker Acuity Brands (AYI) had a pocket pivot though a stronger close would have been preferable. Instead, the stock closed near the lower part of its intraday trading range and failed on a breakout attempt to new highs. Earnings and sales are accelerating, group rank 39. AYI gapped higher on its prior earnings report and has since traded sideways.
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. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.