Major averages were up three days in a row yesterday but this morning futures are down after the President's Chief Economic Adviser Gary Cohn resigned, allegedly in protest over steel and aluminum tariffs. Watch leading stocks closely as pullbacks to areas of support could provide buying opportunities if the selling does not get out of hand. Ultimately, it is not clear that Mr. Cohn's resignation is a death knell for the market, although the market could also view it as one of many staffing snafus that have plagued this administration.
Focus List Notes:
AMZN and NFLX have become extended, and will pull back with the market this morning. NVDA regained its 20-dema yesterday, but is set to test the line again today, which could present a lower-risk entry point, assuming the general market does not sell off further from current pre-open levels.
Market Lab Report - Pre-Market Pulse for Wednesday, March 7 , 2018
| Published: | 7 Mar 2018 09:25 ET |
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.