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Market Lab Report - Premarket Pulse 7/20/15

Major averages rose Friday on higher volume with the NASDAQ Composite closing at new all-time highs and up the most due to favorable earnings reports from tech heavyweight Google (GOOGL) which helped other substantial NASDAQ stocks rally including Illumina (ILMN) and Priceline (PCLN). Another tech heavy, Facebook (FB), also had a gap up. Stocks such as GOOGL and FB could be considered potentially buyable gap ups as they are tech leading heavyweights, but the speed of ascent may be slower than our normal type of buyable gap up. GOOGL's market cap stands at $478 billion and FB's at $267 billion. Nevertheless, they could be considered actionable if either meets your risk tolerance profiles. That said, both may rise in a back-and-filling manner.

Gold hit new multi-year lows even though China's supply of gold came in lower than expected. That said, China is vying to get the IMF to include its currency as a reserve currency as it challenges the hegemony of the US dollar, so that could have far reaching implications. With all the cross current in play regarding the price of gold, it is best as always not to try to out think the markets, and focus on the technicals. Commodities in general are also heading lower once again as they approach multi-year lows. The global economy's woes especially in China imply slackening demand for commodites, thus the lower prices.

As we have had a number of strong, actionable names over the past week as the market bounced higher, do as we have advised all year by taking profits when you have them in context with the overall chart, and keep stops tight. In this market, stocks take the elevator up and the trap door down.

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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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