Major averages fell fractionally on lower volume which is welcomed as the market has been higher over several days so an expected rest point can be constructive. The market was able to recover most of its losses despite the World Bank cutting its full-year global growth forecast to 2.8% from 3.2%. This is an indication of resilience in the face of negative news. The flip side also applies as when the news is good and the market falls, it can be an indication of internal weakness.
This morning futures are down on fears that the current situation in Iraq, which stands on the verge of a civil war, will expand into a regional conflict which in turn could affect oil supplies and the global economy. In our view, pullbacks here should be used as buying opportunities as leading stocks pull into logical areas of support.
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. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.