Major averages rose on stronger volume yesterday as leading stocks continued to forge higher. Today's jobs number came in at 217,000 new non-farm payrolls vs. expectations of 230,000. This is also lower than last month's 273,000 jobs that were reported. With the jobs number not providing any big surprises either way, the market trend likely remains in place.
In yesterday's webinar we looked at a number of stocks that are setting up as they hold tight along their 10-day or 50-day moving averages and are in position for possible pocket pivot buy signals. Investors should be watching names behaving in such a manner closely for actionable buy points. We see increasing numbers of stocks setting up here. Some pocket pivots that emerged yesterday:
Illumina (ILMN) - Medical research company with accelerating sales, group rank 33. It is a biotech leader that looks to be completing its base as it breaks out of its handle. We reported on ILMN's much earlier pocket pivot coming up through the 50-day moving average on May 19th.
Diodes (DIOD) - Semiconductor company with strong earnings, group rank 9.
VipShops Holdings (VIPS) - Chinese online discount retailer with soaring earnings and sales, 9 quarters of institutional sponsorship growth, pretax margin 39.8%. VIPS is just breaking out of a basing pattern that coincides with a pocket pivot.
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.
