The major market averages fell with the small cap Russell 2000 taking it on the chin the hardest. While the broad sell off hit stocks across the board on higher volume, averages retraced part of their losses. As the market has been trying to find its legs, a bounce is looking less likely as the number of distribution days notch higher. The NASDAQ Composite is struggling to clear its 50-day moving average while the S&P 500 retests its 50-day moving average.
While Netflix (NFLX) had enough volume for a bottom-fishing pocket pivot yesterday, the environment on the long side remains risk-off, ie, higher risk trades are off the table, so any new positions should be reflective of this.
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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
