Major averages were up on mixed volume. The NASDAQ Composite closed at a new 12-year-plus high yesterday on the heels of the Russell 2000 making a new closing high last Friday. While volumes have been on the lower side, quantitative easing has been known to push markets higher into uptrends on low volume.
3-D printing stocks such as Three-D Systems (DDD), Stratasys (SSYS), and Exone Company (XONE); alternative energy stocks such as Solar City (SCTY) and Sunpower (SPWR); leading edge electric car maker Tesla Motors (TSLA); and big-stock internet names like Google (GOOG), Amazon.com (AMZN), and Priceline.com (PCLN) continue to lead the way.
The Fed releases the minutes from its prior policy meeting today at 11:00 a.m. Pacific, 2:00 p.m. Eastern, and markets will be looking for further clarification regarding the tapering of QE, thus the minutes may have the potential to move the markets one way or the other.
That said, given the action of major indices and leading stocks, the Market Direction Model is likely switch to a buy signal assuming positive action continues.
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. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.