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Market Lab Report - Premarket Pulse 9/11/15

Note, members receive our daily Premarket Pulse reports while non-members receive only the Monday edition. We do not necessarily email these reports every day as it depends on the markets. While news sources will always create a "reason" for why the market went higher or lower, sometimes the reasons are purely technical. 

Major averages fell yesterday on mixed volume a day after the major averages staged a bearish outside reversal on higher volume. Expect volatility to remain elevated. The NASDAQ, which has been the strongest-acting index since "Capitulation Monday" of not quite three weeks ago, is forming an ascending wedge as it moves up towards its 200-day moving average. A breach of the lows of this wedge at around 4746 would be a potentially bearish development, but the market may simply continue to chop around ahead of the upcoming Fed meeting.

The Federal Reserve will meet this coming Wednesday and Thursday to decide whether to leave rates unchanged. The CME futures point to a 24% chance of a rate hike when the Fed meets in September and a 38% chance in October.

The global economy continues to wither as Standard & Poor's downgraded Brazil debt to junk. Over in China, deflation looms as its producer inflation fell for the 42nd month in a row. And Japan's economy continues to struggle as its capital spending contracted 0.9% in Q2.

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.
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