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Market Lab Report - Premarket Pulse 9/29/15

Major averages got hammered yesterday on substantially higher, above average volume, closing near their intraday lows. The Russell 2000 Index has undercut its late August lows while the S&P 500 and New York Composite are roughly at their late August lows and the NASDAQ has more room to go on the downside before reaching its own late August lows. Biotechs dumped again as well, leading the charge to the downside as Congress is set to go after Valeant Pharmaceuticals (VRX) for what it considers to be "overpriced" drugs.

Keep a close eye on profits from any ETF short positions as falling markets often bounce hard. The flip side is that the market could be embarking on a second leg to the downside in a developing bear market, although that is not something that can be determined in real-time. Even the best investors are unable to see in advance how far a market correction or bear market will progress. We remember quite vividly how Bill O'Neil, in June of 2000, declared the market to be in a new bull phase based on the precedent of October 1962 when the Cuban Missile Crisis was finally resolved peacefully. As we know now, that bear market did not end in June of 2000 and mark the start of a glorious new bull market - it was only the first false rally in a brutal bear market that did not find a bottom until late 2002.

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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