MDM has switched to BUY. The S&P 500 bounced off its 50-day moving average (50dma) on higher volume while the NASDAQ Composite came within a hair of its 50dma before bouncing.
Biotechs, solars, and some technology and retail stocks did well which bodes well for market internals.
European Central Bank President Mario Draghi reiterated that the Governing Council stands ready to “use additional unconventional instruments” as stimulus measures, implying a full-scale quantitative-easing program could be underway. This of course bodes well for a continuation of the QE-driven bull market.
SPY (S&P 500) (Lower risk, lower reward)
QQQ (NASDAQ-100) (Higher risk, higher reward)
SSO (S&P 500)
UPRO (S&P 500)
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. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.