Major averages rose on higher volume yesterday but volume levels were lower than Wednesday's volume, showing institutions are not coming back into the market with vigor. The weak unemployment report tilts the odds in favor of the Fed keeping rates at unusually low levels for longer than expected (as expected). But the market has been expressing exhaustion since December despite the QE-favorable environment.
The price of oil jumped on signs of improving demand in Asia after Saudi Arabia raised its official price for Asia buyers. This action, while positive, does not a floor make, so the downtrend could easily resume in the days or weeks ahead.
With continued slackening global demand, stocks are fighting a serious headwind despite the buoyant forces of quantitative easing. .
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.