Major averages fell yesterday on mixed volume. The NASDAQ Composite Index reached an all-time high on an intraday basis before backing down to close negative on roughly even volume. The S&P 500 pulled back to its 10-day moving average then bounced, closing roughly mid-bar.
Leading names such as FB, GOOG, and AMZN have been trading constructively tight near new highs over the last few days. Priceline Group (PCLN) can be added to this group of big-stock NASDAQ names that act well in this current market. FB looks to be in the most constructive buy position as it sits at its 10-day moving average with volume drying up to -51% below average yesterday.
The CBOE VIX volatility indicator hit new lows not seen since August 2015 so yesterday's index pullback was unsurprising. Nevertheless, the overall uptrend remains in force, and it is simply a matter of maintaining reasonable trailing stops on long positions.
Note that VoSI Focus List leader Nvidia (NVDA) is expected to announce earnings today after the close.
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.