Major averages finished lower on higher volume yesterday though managed to claw back losses to finish in the top half of their respective trading ranges after finding intraday support near their August price range lows.
The data-important monthly jobs report is due out tomorrow at 8:30 a.m. EDT. A strong report may push the Fed closer to a rate hike, though they are fully aware of the global economic situation, so their hands remain tied.
While it is expected the markets would fall on a strong report, they may do the opposite as the crowd is often fooled. Instead, markets may interpret a strong report as further confirmation that the economy is indeed on the mend. While these numbers are clearly manipulated, what is more important is perception, as that often guides institutional (big) money flow which in turn creates the trends. So whether or not the report comes in strong or weak, the price/volume action of leading stocks is key. As always, keep a close eye on your stocks. Let them guide you on how to manage your portfolio exposure to the market.
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. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.