The market started the second quarter on a down note with all major averages down on lower volume. The NASDAQ was dragged down the most thanks to a fourth down day in a row for Apple (AAPL) which accounts for a 7% weighting within the index. Webinar members may recall that we discussed the ramifications of AAPL as a short-sale following its gap-down through the 50-day moving average last Thursday. Adding to the day's negative tone, the ISM index fell short of expectations. The index measures the pace of sales and production at U.S. manufacturers, and provides another piece of evidence that the economic recovery has not been secured.
This morning the futures are jacked up as European bourses are up about 1%, but yesterday a number of leading U.S. stocks reversed on volume following a strong upside open. Thus we would look for improvement and recovery in the action of leading stocks today to confirm the upside futures move.
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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.