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MLR - PMP 10/7/14

The S&P 500 and NASDAQ Composite both hit their 50-day moving averages yesterday before reversing course. Volume rose on the NASDAQ Composite but fell on the S&P 500. For reasons stated in the MDM report, it switched to a sell signal as these indices showed issues breaking through their 50dmas. That said, leading stocks have suffered substantial damage so could be due for a bounce, and QE ends this month as the last $15 billion is digested, so the current bounce may still be intact since QE is still in force.

Meanwhile, strong action in leading stocks has been countered by weakness as stocks like Mobileye (MBLY), which had a buyable gap-up on a breakout from a flag base formation on Friday reversed and dropped well below the 56.54 intraday low of the BGU day. Palo Alto Networks (PANW), which broke out of a short three-weeks-tight flag on Friday on a buyable gap-up move is also set to test its 101.22 BGU intraday low this morning. El Pollo Loco (LOCO) had a pocket pivot breakout yesterday through the highs of its handle within an overall cup-with-handle base. In this environment, as we've seen, such breakouts have not met with much success, adding to the cautionary tone.

The MDM remains on a sell signal as the NASDAQ and S&P 500 have thus far failed to clear their 50-day lines, and is likely to remain on a sell signal until and unless the market can clear this key line of resistance.

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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