Major averages rose yesterday on higher but below average volume. Both the NASDAQ and the S&P 500 gapped up and churned around in a tight range while the Dow made a new intra-day high which it could not hold by the close. Despite the fast, hard damage done to leading stocks as the markets corrected 1-2%, a QE-floor may have already been put into the market. But at this juncture, leading stocks have to heal their wounds before any meaningful advance can take place. So the Market Direction Model remains in cash for now as the recent period of heightened volatility may not yet be over. Since January 2013, corrections have been contained to less than 10% as QE prevents markets from having any meaningful corrections.
MLR - PMP 7/15/14
|Published:||15 Jul 2014 13:22 ET|
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.