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Market Lab Report - Premarket Pulse 9/29/16

Major averages rose on higher volume with the S&P 500 closing above its 50-day moving average. The NASDAQ moved further above its prior range breakout point on increased buying volume.

Crude oil rallied 5.4% in yesterday's session after reports indicated that OPEC would cut output to between 32.5 million and 33.0 million barrels per day. This compares to current production of approximately 33.2 million barrels per day.

We recently advised members to potentially get on board a number of stocks such as TWLO and LN when they were trading close to their respective logical areas of support on constructive pullbacks. This minimizes risk as one's sell stop would only be a few percent or less away from one's entry price.

Yesterday, both got ahead of themselves on a price basis so profit taking earlier in the day when both were up a few percent or more would have been justified.

Note that some may have taken partial or full profits sooner, a justified move, but for those who still had positions, such could have sold the remainder in yesterday's price surge. Selling into strength is never absolutely precise but the idea, done repeatedly, can make a nice difference to one's account over time.

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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