Major averages rose on lower, below average volume. The Bank of England cut interest rates for the first time in 7 years. This is unsurprising due to Brexit uncertainties along with existing economic weakness from the purchasing managers indexes and from business and consumer confidence surveys.
UK and European markets rallied on the news. The central bank also said it will buy up £10 billion of corporate bonds and expand its quantitative-easing program by £60 billion to £435 billion.
Business enterprise software developer Atlassian (TEAM)had a pocket pivot off its 10-day moving average. Eanings are accelerating, ROE 21.3%, group rank 11. TEAM reports 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. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.