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VoSI Focus List Review for December 26, 2022

As we make the turn into the final trading week of the year the major market indexes remain in a bear market. The S&P 500 Index spent all of last week trading below its 50-day moving average and closed there today.
The NASDAQ Composite continues to test its bear market lows. We continue to see no reason why anyone in their right mind would consider this market to be little more than an "uptrend under pressure." This borders on the absurd. Leadership is virtually non-existent as PE-contractions overtake almost every sector in the market, particularly higher-PE tech.
Precious metals remain the most coherent thematic trade as both gold and silver continue to trend higher in steady uptrend channels. At this stage we would only be buyers of silver on pullbacks to the 20-dema. For now, the iShares Silver Trust (SLV) remains extended from any near-term support.
Silver leads, as is obvious from the chart of the iShares Silver Trust (SLV), above, while the SPDR Gold Shares (GLD) has recently moved above the 200-dma as it trends higher. We would look for opportunistic pullbacks to the 200-day moving average as the better, lower-risk entries using the 200-dma as a selling guide.
The Market Direction Model (MDM) remains on a SELL signal.

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.
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