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Market Lab Report - Premarket Pulse 9/16/16

Major averages rose yesterday on mixed volume that was higher on the NASDAQ Composite as Apple (AAPL) led the way, up another 3.4%. In the process the NASDAQ was able to clear near-term resistance along the lows of its August price range and move within close range of its prior September highs. The S&P 500 remains within a short four-day bear flag as it sits well below its 50-day moving average, in contrast to the NASDAQ which has consistently held above its own 50-day line since last Friday's market sell-off.

US stock market futures are down slightly and European stock markets are lower as Deutsche Bank AB (DB) rejects the U.S. Justice Department’s demand that it pay $14 billion to settle high-profile probes into its packaging of mortgages in the run-up to the financial crisis of 2008.

“Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited. The negotiations are only just beginning,” Deutsche Bank said in a statement. DB said it will negotiate a settlement more in line with what other banks have had to pay.

It is doubtful that news regarding DB and the U.S. Justice Department's scuffle is of paramount importance to the markets. Individual stocks continue to act well, even as the indexes have shown a fair bit of volatility throughout the week. This could continue as next week's Fed policy announcement approaches, but we would focus on the action of individual stocks, as the pullback has created some potential opportunities as we indicated in our Focus List Review Market Lab Report sent out mid-day yesterday.

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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