Major averages continued to rise on lower pre-holiday volume ahead of the 3 day weekend. The NASDAQ Composite and Russell 2000 are bouncing off their 200-day moving averages, and the Federal Reserve's latest beige book showed that the economy continues to grow moderately. The overall general market trend, however, remains down, and price/volume action implies a continuation of this downtrend after this pre-holiday bounce. With the S&P 500 Index rallying for the past three days it is, oddly enough, in position for a fourth-day follow-through today, although it is not likely the market can pull this off given the light pre-holiday trade that would be expected. Nevertheless, futures forge higher this morning pre-open as the market's logical reaction rally continues.
Google (GOOG) reported disappointing earnings as it saw lower ad rates and reported declining profit margins which pushed NASDAQ futures lower. This morning, however, the stock is down about 2% after recovering from its after-hours lows from yesterday afternoon.
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.