Major averages finished lower yesterday on near breakeven though slightly lower volume ending their 4-day straight-up-from-bottom win streak. Expect some noise in the major averages over the next day or two as the market just came straight up off its lows.
Futures are up this morning after CAT earnings came in strong, the jobless claims report came in close to estimates reflecting the low number of layoffs, and the eurozone manufacturing purchasing managers index reached a two-month high at 50.7, above expectations of a reading at 50. While the eurozone report offered some "good" news at a time when worries about slowing global economic growth have been prevalent, the report also said manufacturers don’t expect a significant pickup in the pace of activity in the coming months.
The market hopes for signs of a stronger economy to indicate a true recovery but so far this has not happened as central banks are having a tough time jump starting economies.
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. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.