The major market averages fell on higher volume after rallying earlier in the day on the Chicago Purchasing Managers Index which hit a nine-year high suggesting that the partial government shutdown had no significant economic effect on businesses.
Facebook (FB) had a pocket pivot as it found volume support at its 50-day moving average. It has been a market leader but the question is whether its slowing younger teenage demographic is a serious cause for concern as the younger generation makes up a vibrant force for FB. The strong finish suggests continuation of the uptrend in the book of face.
Fleetcor Technologies (FLT) had a buyable gap-up after a strong earnings report, but stalled during the day to close in the lower half of its daily trading range. Institutional sponsorship has increased in every quarter since the company went public 12 quarters ago. Group rank 33, pretax margin 52%, ROE 29.7%. FLT has obeyed its 50-dma since August 2012.
Gold and silver both sold off yesterday and continue lower this morning while the U.S. dollar rallies, suggesting that the market is discounting a potential QE taper at some point within the next few months.
First Solar (FSLR) is gapping up this morning on a strong earnings report. Should this result in a buyable gap-up move that we feel is actionable a report will be forthcoming later this morning.
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.