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VoSI Focus List Review for the Week Ended March 11, 2022

The NASDAQ Composite Index has been following the descending 20-day exponential moving average since the start of the year, and last ran into resistance at the line last week. On Friday the index ran into resistance at its 10-day moving average after gapping up on news that Russian President Vladimir Putin had stated that discussions with Ukraine "have taken a positive turn." NASDAQ 100 futures shot up over 200 points in pre-open action, but the gap-up open soon turned tail. That created a bearish outside reversal for the NASDAQ Composite on higher volume. The market remains in a severe downtrend, although intraday volatility has been maddening at times, particularly within the context of absurd news items that have been sold into. Rallies since the late January low have been consistently sold into as the rallying cry of BTFD now becomes STFR.
The Market Direction Model (MDM) remains on a SELL signal.

Semiconductors Applied Materials (AMAT)Lam Research (LRCX), and Qualcomm (QCOM) were first reported on as short-sale targets back in January. They has since trended lower along their 20-day exponential moving averages, not unlike the NASDAQ Composite.
SunPower (SPWR) was reported on as a possible short-sale target along the 50-day line last week, but the stock quickly moved above the 50-day line on energy fears this past Tuesday, stopping out any possibility of a short-sale. The move has carried as far as the early January highs where it encountered resistance on Friday and reversed. This may become a secondary short-sale entry zone where the high of Friday is used as a covering guide. This is a bit tricky since the move has been entirely based on some idea that higher gas and energy prices that working-class individuals can scarcely afford now will cause them to suddenly spend money installing solar panels on their homes. We do not think this will pan out, hence this move now offers a news-oriented short-sale opportunity, if one is able to identify proper potential areas of resistance, such as was the case on Friday with the early January high.
This remains a market for nimble swing-traders and short-sellers as we have pointed out since the early part of 2022. For those not oriented towards this type of trading and who prefer to take a trend-following approach, the market remains in a downtrend and therefore the Market Direction Model has been profitable on its sell signal, or alternatively, staying on the sidelines where cash is king may also be suitable for certain members.
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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