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MLR - PMP 5/9/14

The European Central Bank decided to leave rates unchanged at record low levels. Markets initially reacted negatively to this decision, but then at his press conference, ECB president Mario Draghi said the ECB could lower rates once again as early as June, and that the ECB was ready to use "unconventional" means to stimulate the European economy. This initially sent markets higher but the indexes steadily gave up their gains as a number of former leading stocks came under pressure. Some European bourses and the S&P 500 are trading at or near new highs, but the divergence created by a severely lagging NASDAQ Composite Index has bearish implications. While the indexes rolled over on lighter volume, it was more indicative of a lack of buying demand than anything else.

Former leader Tesla Motors (TSLA) gapped lower, finishing a hair above its 200-day moving average after a weak earnings report. Since the correction began, leading stocks in general have gotten caned with little sign of a proper rebound. Biotech ETF BBH once again finished under its 200-day moving average on higher volume and looks to be heading lower based on recent price/volume action. We still see Celgene (CELG) as a short-sale target with the idea of using the 50-day moving average as a guide for an upside stop. Internet stocks, another former leading group, also look ill as number of former leaders approach or trade under their respective 200-day moving averages. Futures are down this morning as the market's weakness is a bit more obvious this morning. With a number of oil names rolling over yesterday, the impetus behind the stronger action of the NYSE-based indexes is in question. As well, we have seen the strength in the S&P 500 and Dow as more indicative of a sea-change as institutional investors have rotated out of high-P/E high-flyers and into more defensive, larger-cap, stable names as they "hunker down."

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.
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