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Market Lab Report - Premarket Pulse 6/16/17

Major averages fell, gapping lower, then managed to close near the top end of their respective trading ranges on lower volume. Concern remains that the Fed plans to hike rates once more this year as well as plans to reduce its balance sheet while remaining seemingly unconcerned about the slowdown in the US economy. Global central banks are also starting to hint at tapering their respective QE programs, though this is probably just more jawboning as the global economy is not yet  ready to be removed from the QE morphine drip.

“These two factors combined, along with further weakness in the U.S. tech sector, played into the risk averse mood amongst equity investors as they began to mull the possibility of tighter policy, not only from the U.S. Federal Reserve, but also the Bank of England, not to mention the prospect of a discussion on tapering from the European Central Bank before the end of the year,” chief market analyst at CMC Markets UK said.

Focus List Review

Stocks that remain on the list are attempting to stabilized with several finding support at their 50-dmas yesterday: AAOI, AMZN, COHR, and FB.

BABA, SQ, LITE, and NVDA held pullbacks to their 10-dma and/or 20-dema lines.

Stocks pulling into their 50-dmas are relatively deep in their patterns, so they may need to retest near-term support in a stabilization effort before recovering more completely, assuming that they will.

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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