Major market averages continued higher as every major index except for the small-cap Russell 2000 posted a new all-time high, including the broad NYSE Composite Index.Volume was obviously lighter than Friday's bloated triple-witching options expiration volume levels but still above-average on both the NYSE and NASDAQ exchanges.
Names discussed in the weekend Focus List Review as potential turnarounds in "Ugly Duckling" fashion, such as
Nvidia (NVDA) and
Weibo (WB), powered higher.
Take-Two Interactive (TTWO) gapped up at the open and then reversed to close back near its 50-dma, which technically puts it back in a buyable position along the 50-dma.
NVDA continues higher after posting a U&R long set-up on Friday as it came up through the prior late October low:
WB plowed right through its 50-dma, as we theorized it might over the weekend, triggering a moving-average undrecut & rally long set-up as it crossed the line early yesterday morning:
This morning futures are mixed this morning as the market awaits and anticipates an impending vote on the final "tax reform" legislation in both the House and Senate today and/or tomorrow.
Focus List Notes:CAT rermains extended as it made a higher high yesterday.
FB remains is in a position slightly extended from its 20-dema, so we would look for pullbacks to the 20-dema as perhaps lower-risk entry opportunities.
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.
