Major averages fell on higher volume which was noticeably more pronounced on the tech-heavy NASDAQ Composite as it continues to lag the S&P 500 which has benefited from money flow into financial names.
There are no Focus List names at lower-risk entry positions. However, we would advise caution given that several names on the list have rallied back up near prior highs and could be setting up in short-term double-top formations. At best we believe they would need to back-and-fill for a period of time and build new bases before presenting more coherent entry points.
These include: AMZN, BABA, FB, LITE, and NVDA. Other names looking a bit toppy around the 20-demas include BZUN, COHR, and NOW.
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. ©2023 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.