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Market Lab Report - Premarket Pulse 9/9/15

Major averages advanced yesterday in action that is deemed to be a "follow-through" day as all of the major indexes were up sufficiently on higher volume. However, most stocks continue to trade under their 50- and/or 200- day moving averages, and look shell-shocked with wide and loose patterns so expect elevated levels of volatility to continue. It is important to remember that after the Flash Crash of 2010 there were three failed follow-through days as the indexes went into an extended three-month correction.

Futures are up more than 1% at the time of this writing as both Japan and China said they would both provide additional stimulus to their ailing economies. The stimulus comes in the form of corporate tax reductions in Japan. China meanwhile is doing a debt swap on 3.2 trillion yuan ($512 billion), which allows local Chinese governments to sell bonds to replace older, costlier debt.

Further, in its latest statement, the finance ministry of China said that as of Aug. 27 local governments had raised 1.82 trillion yuan ($291 billion) through debt issues. This is equivalent to 48% of the total quota allowed by the central government, suggesting that there is more room for local governments to raise funds.

The easing is fairly significant, especially given additional headroom for more easing out of China, thus markets jumped higher on the news as the trend of monetary easing has been reaffirmed by the second largest economy in the world. 

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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