Major averages rose on mixed volume, closing near the top end of their trading ranges with the NASDAQ Composite clearing its 50-day moving average. The market for now is shrugging off the North Korean missile launch over Japan. Nevertheless, the drama between North Korea and the rest of the world continues as President Trump remarked, "The world has received North Korea's latest message loud and clear: this regime has signaled its contempt for its neighbors, for all members of the United Nations, and for minimum standards of acceptable international behavior."
Focus List Notes:
If the NASDAQ can hold yesterday's outside reversal to the upside and the 50-dma, while the S&P 500 at the same time regains its own 50-dma, the long side could become actionable again.
ANET is sitting along its 10-dma which puts it in a potentially lower-risk entry position using the 20-dema as a tight selling guide.
BABA has pulled down to its 20-dema which puts it in a lower-risk entry position using the 20-dema as a tight selling guide.
NFLX has been able to hold critical support at its 50-dma. This puts it in a "lowest-risk" type of position in that the 50-dma can be used as a tight selling guide.
TSLA regained its 50-dma yesterday. The stock remains somewhat in flux as it moves below its 50-dma and then back again. We would watch this as a possible short entry on another breach of the 50-dma, IF this occurs in conjunction with the general market rolling over. This would come in the form of the NASDAQ moving back below its 50-dma as a simple reference.
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.