AAPL enabled the NASDAQ Composite to finish in the green compared to the S&P 500 on news that AAPL has set September 12 as the date they will unveil their much awaited iPhone 5. Both gold and silver pushed higher as expectations for renewed quantitative easing grow. Indeed, over in Europe, Chancellor Angela Merkel has indicated she's open to European Central Bank president Draghi's plans. The ECB meets on September 6 to discuss further action regarding quantitative easing.
In economic news, the Institute for Supply Management reported Tuesday that the ISM index fell slightly to 49.6% in August from 49.8% in July. Economists were expecting a climb to 50.2%. Globally, economic growth continues to slow. U.S. futures this morning are indicating a breach of recent support in the market's 2-3 week consolidation, and if this pushes further could bring the 50-day moving average into play for the major market indexes. Investors should be vigilant and stick to their sell disciplines should the situation deteriorate. However, many leading stocks continue to act well, and orderly pullbacks to logical areas of support could present buying opportunities depending on how any general market pullback continues to unfold.
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. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.