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Market Lab Report - Premarket Pulse 6/28/16

Major averages fell sharply again yesterday on lower but above average volume suggesting institutional selling. Both the S&P 500 and Dow Jones Industrials closed below their respective 200-day moving averages for the first time in months while the NASDAQ Composite spent its second day moving further below its 200-day line. However, all of these indexes have also undercut their May lows, putting them in a logical position for a reaction rally as the need to sell becomes obvious in the short-term.

Futures are up over 1% at the time of this writing as markets bounce after a high volume, institutionally driven sell off over the last two days. Part of the selling pressure may have been due to margin calls during and after Friday's collapse. Big uncertainty remains and markets detest uncertainty, thus the bounce may be short-lived. With political in-fighting in the UK on 3 million requesting another Brexit vote, and with 5 EU countries now seeking referendums of their own on whether to stay or leave the EU, expect continued heightened levels of volatility ahead.

We will be keeping a close eye as always on the price/volume action behind leading stocks on potential short-sale set ups or long positions. Both timing models stand at the ready.

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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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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