Major averages finished mixed yesterday on substantially lower volume, a good sign as markets look to consolidate their recent pronounced gains. The sharp bounce from roughly 10% corrections to new highs was spurred on by the possibility of the not-yet-mentioned QE4 and the Bank of Japan's decision to accelerate their quantitative easing program. As other central banks look to also step up their respective QE programs, the US Federal Reserve will most likely follow suit, given that the US economy is still far off its mark.
Futures are down this morning on weakness and Europe and as some profit-taking likely takes hold going into today's elections in the U.S. With the indexes in an extended position and showing some churning action over the past two trading days, there is potential for the rally to slow down a bit as the market consolidates and awaits the results of today's elections.
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.