Market Lab Report - Premarket Pulse 7/12/23

Published:

12 Jul 2023 07:32 ET

AI-meme stocks

This one trick pony AI-meme market which may be running out of steam, at least in the short term, remains the most bifurcated market we have observed in decades. That said, some of the leading names are correcting such as MSFT and AMD, both which are pulling back to their 50dmas, GOOGL which is trading below its 50dma, as well as AMZN and AAPL which touched their respective 21emas which could be bought with tight stops as discussed in prior reports directed at these AI-meme stocks that have not violated their respective major moving averages in a number of weeks. ADBE remains in play for those who bought a position when we sent a report on June 9 which also had a pocket pivot this past Monday. NVDA is exhibiting a minor volume dry up as it continues to trade tightly.

Remain on the lookout for pocket pivots, undercut & rallies, and volume dry ups in these AI-meme names for low risk entry points as futures trader Ed Seykota once famously said, the trend is your friend until the end when it bends.

We also have a CPI report out at 830 am EST which the Fed will use to gauge the odds of its next one or two hikes.

Like what you read?

Let us help you make sense of these markets by signing up for our free Market Lab Reports:

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.