The major market indexes suffered a second down day yesterday on mixed volume, with the NASDAQ Composite moving back into its prior four-week price range as the breakout of last Wednesday has failed in the short-term. A number of leading stocks have come under pressure lately, with several pocket pivots and buyable gap-ups failing in recent days. This morning futures are up as the markets recover slightly from a two-day sell-off that has seen much of the speculative action in 3-D printing stocks and names like Gogo (GOGO) and Organovo (ONVO) getting hit hard off of their peaks. The Fed releases its meeting minutes today at 11:00 a.m. Pacific time.
New positions that are not working should be sold using tight stops, generally at a prior area of support or a key moving average such as the 10-day or 50-day lines. While the market for now remains in an uptrend and the Market Direction Model remains on a buy signal, things can change quickly so investors should remain alert here.
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.