The NASDAQ Composite closed near breakeven while the S&P 500 closed down, both on higher volume due to Russell Index rebalancing. The Russell 2000 is above its 50-day moving average while the NASDAQ is roughly right at its 50-day moving average and the S&P 500 is just below its own 50-day line. The Fed's Primary Open Market Operations (POMO) through which it implements its bond purchasing program just published the latest schedule which confirms that quantitative easing is firing on all cylinders. While some resistance could be felt as the S&P 500 moves back up through its 50-day moving average, it would not be surprising to see the major indices continue higher, and indeed futures this morning indicate another gap-up open for the market.
MLR - Premarket Pulse July 1, 2013
Published: | 1 Jul 2013 12:22 ET |
Like what you read?
Let us help you make sense of these markets by signing up for our free Market Lab Reports:
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.