The S&P 500 and the Dow were roughly flat as volume increased slightly in an otherwise light-trading holiday environment. The NASDAQ experienced a distribution day as it was down a quarter of a percent on higher volume that was still well below-average. Going into year-end and this Wednesday's New Year's Day holiday, we would not expect too much in the way of decisive action.
Chinese stocks, particularly in the internet area, have been strong lately, and Friday saw a number of these names moving higher. Both Sina Corp. (SINA) and YY, Inc. (YY) had bottom-fishing pocket pivots as they attempt to round out the lows of potential new bases. Overall the iInternet-Content group of which both of these stocks are part of, remains strong with a #2 group ranking.
Twitter (TWTR) continues to melt down in rapid fashion after what was likely capitulation buying on Thursday. The stock is trading just under its 10-day moving average at 61.66 in pre-open trade, and it remains to be seen whether the 10-day line will provide any modicum of support for December's hottest-performing 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. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.