Overnight Asian markets have sold off, creating softness in the U.S. futures this morning. The market remains in what is so far a three-day consoildaton of last week's gains, with pullbacks occurring on lighter volume while yesterday's mild upside move was accompanied by increased volume, all of which is constructive action.
The Bank of Japan, also on the QE bandwagon, has said it will increase the size of its asset purchases by 10 trillion yen ($126.7 billion) to ¥80 trillion.
The National Association of Realtors said sales rose 7.8% in August to seasonally adjusted annual rate of 4.82 million, better than the 4.6 million expected by economists.
S&P500 re-balancing, set for after the close Sept. 21, will produce distorted levels of volume on that day.
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.