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Market Lab Report - Premarket Pulse 7/10/15

Major averages rose only fractionally yesterday after gapping appreciably higher at the start of the day. All the majors finished the day near the low of their trading ranges, volume was lower on the NASDAQ Composite but higher on the S&P 500 due to Wednesday's NYSE 3+ hour trading halt.

Futures are trading higher by more than 1.3% as a positive resolution to the issues in Greece may come as soon as today. Greece submitted a new reform proposal which is closer to creditors' demands. European markets are trading higher by 2-3% at the time of this writing.

Investors are again faced with a big gap-up open, and whether this one leads to a more sustained bounce off of recent lows remains to be seen. It is, however, more a matter of where leading stocks are within their chart patterns, and in most cases a "busted" pattern does not present any truly coherent, lower-risk entry points for anyone thinking about taking the long side of today's big gap-up. As it turned out to be yesterday, a gap-up this morning could just as easily turn into a short-selling opportunity.

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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