Major averages fell yesterday on lower, below average volume as institutions took a more passive stance on selling shares, at least for now. Some consolidation can be expected though the majors put in a strong finish as they were able to end the day near the top of their respective trading ranges.
This morning futures are lower by more than half a percent as European and Asian markets trade lower overnight. Capital has been moving out of European stocks and into bonds on strength in the dollar and ECB bond buying. Should the selling in U.S. markets become severe, investors should simply abide by trailing stops in order to protect profits.
Medical device maker Boston Scientific (BSX) had a continuation pocket pivot. BSX was mentioned on 5/24 when it had a pocket pivot.
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. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.