Major averages were up Friday but on mixed volume, despite options expiration. The NASDAQ Composite and S&P 500 continue to maintain their increased slopes of ascent as the underpinnings of the trend, namely the action in a broadening number of leading stocks, maintains a healthy tone for the market.
In economic news, leading indicators for April were stronger than expected and the University of Michigan's consumer sentiment survey surpassed consensus views and also reached the highest level since July 2007.
Evidence of constructive action in leading stocks is found in the fact that a number of pocket pivots have occurred as the uptrend continues as we reported the specific names to members on Friday.
The selling in precious metals is due to the realization that when a currency dislocation occurs, paper metals will do you no good - you must have physical - therefore we are seeing an unwinding of the paper PM trade in anticipation of this. It is also an indication of how the bit coin and other forms of currency are gaining popularity which implies physical PMs will also become a currency substitute, thus the paper version loses value.
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. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.