Major averages rose Wednesday on light pre-holiday volume. Today will be a half session that ends at 1pm EST. OPEC has sent the price of oil plummeting by deciding not to cut oil production, keeping production at 30 million barrels a day. Oil prices have fallen around 35% since June, and are at a four-and-a-half year low. Low oil prices are good for anyone who uses oil/energy, but less good for the ECB who's concerned about deflation.
The market remains a story of individual stocks. We note that Alibaba (BABA) is sitting at its 10-day moving average, putting it in position for a possible continuation pocket pivot. Members should watch for this. We have a position in the stock.
Tesla Motors (TSLA) remains a short-sale target and is gapping down slightly this morning. A breach of the 50-day moving average that holds would be a sharp negative for the stock. We continue to view this as a short using the 251-252 price area (essentially around the intraday highs of last week's gap-down move) as an upside guide for a stop. We have a position in the stock.
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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.