The market continued to move higher for a third day as volume increased, thanks to a spike in volume caused by panic selling and then a panic recovery intra-day after hackers threw up a false headline on the Associated Press' Twitter page regarding a bombing at the White House. Market Direction Model (MDM) is at 50/50 juncture as to whether it will move higher or lower after three up days with the third day up on higher volume on both the NASDAQ Composite and S&P 500, thus its cash stance. Given that the volume picture remains unclear, members should stay tuned as the next MDM and UVXY/VIX volatility model signal change could come as early as today.
Apple (AAPL). which now accounts for only about 6% of the NASDAQ, moved up sharply after announcing earnings after the close but eventually gave up all of its after-hours gains and more, finishing the after-hours session at a lower level than its closing price. This morning AAPL is trading even lower as it pushes well below the $400 price levels to test its 52-week lows.
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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
