Major averages finished Friday near break even on lower, below average volume. It was a quiet day all around as the majors have spent the last several days moving tight sideways as they digest the sharp gains on their post-Brexit move higher. The NASDAQ Composite achieved its highest closing high in history on Friday after failing to hold its all-time intraday high on Tuesday.
A number of emerging leaders on which we sent reports have shot higher as noted in our Weekend Review and Focus List. We also note that a large number of big-stock NASDAQ names are in tight consolidations, such as AMZN, BIIB, FB, GOOGL, MSFT, and PCLN, for example, as they mimic the NASDAQ Composite. If these names begin to push up and out of their tight formations this could easily help drive the index much higher.
Trading overnight in China and today in Europe so far remains relatively calm with markets trading higher. US futures are mildly higher at the time of this writing.
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.