Major averages rose on higher volume yesterday. Economic news as of late has been weaker than expected as headline retail sales and consumer confidence dropped, and the September employment report showed payrolls added were well under expectations. Thus the Fed is expected to keep its $85 billion-a-month bond-buying program in place when it announces its policy statement later today.
Tesla (TSLA) violated its 50-day moving average for the first time since it began its uptrend in April but managed to close up on the day on reasonably strong volume. Assuming one sold, it is best to wait for the next pivot buy point after constructive price/volume action though the ugly duckling theory seems to apply here where the "prettiest" stocks shake everyone out, then rally back.
LinkedIn (LNKD) went volatile in the aftermarket after it reported earnings, finishing down 3% from its Tuesday's close. Results beat forecasts and reported Q3 results above views but LNKD gave a lackluster outlook for Q4 sales.
Investors should keep an eye on the SPDR Gold Shares (GLD) and iShares Silver Trust (SLV) in the event that confirmation today by the Fed of continued QE easy money policy causes an actionable buy point in the form of a pocket pivot as both precious metals ETFs track along their 50-day moving averages.
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. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.