Major averages fell on lower volume yesterday, reversing latter in the day to close in the red after being up for much of the day. Despite QE on full bore and interest rates at all time lows, the high number of distribution days, and a market that is having issues gathering upside momentum both may be ill omens for the general market.
To some extent this remains a market of stocks as opposed to a stock market, with opportunities emerging in individual names just when one least expects them. For example, network security software company CyberArk Software (CYBR) has rallied sharply up and off of its 50-day moving average so far this week and is set to gap-up this morning to retake the 60 price level. It had a pocket pivot yesterday as well. Earnings and sales are soaring, group rank 13. CYBR gapped up on its prior earnings report.
Twitter (TWTR) also acts well here after a "voodoo" or extreme volume dry-up on the pullback to its 10-day moving average last Friday, and was up strongly yesterday on a pocket pivot volume signature.
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.