Market Lab Report - Premarket Pulse 8/21/15
|Published:||21 Aug 2015 14:31 ET|
Major averages tanked on higher volume. As of yesterday's close, the S&P 500 is now 4.6% off its high making it the second largest pullback all year in this trendless market. Still, the NASDAQ pullback of 6.8% is the largest pullback it has had this year. Whether this devolves into a correction of at least 10% remains to be seen. If so, October 2014 was the last time the NASDAQ had such a correction, and June 2012 was the last time the S&P 500 had such a correction. The market could find a floor as it has done many times in this QE environment when things looked the worst, but this time could very well be different since the market has shown considerable exhaustion all year, with fewer and fewer stocks leading the way.
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.