So far the market has spent the week consolidating its sharp gains from the first half of September as it pulls back and holds in a tight two-day range. Volume pcked up yesterday compared to Monday's light trading as a result of the Jewish holiday, but so far the pullback appears normal and likely necessary if the market is going to be able to push higher from last week's highs.
Gold and silver also remain in tight ranges over the past four days in the face of a bouncing U.S. dollarr. While the metals could stage a normal pullback, over the past couple of days such pullbacks have not lasted very long, and the bottom lline for the precious metals is that their uptrends remain intact for now.
Apple (AAPL) has pushed through the 700 price level as buying volume begins to come in at below-average. Without big buying interest it is not clear whether the stock can move significantly past the 700 level or whether this will act as some sort of short-term psychological resistance level. Aside from that the action in individual stocks remains relatively quiet as most leading issue pullback and/or remain within short consolidatons following prior breakouts or moves into extended positions.
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.
