MLR - PMP 9/6/13
This morning's jobs number provided investors with a mixed message as the unemployment rate fell to 7.3%, but new non-farm private payrolls came in at 152,000 vs. expectations of 180,000. Futures are rallying as a result at the time of this writing. The major market indexes look to continue moving higher after the lows of last week. Yesterday's action saw the averages inch up on lower volume which would be expected due to the Jewish holiday and upcoming employment report.
Regardless of the market's initial reaction to the number, the fact remains that underneath the surface of the market constructive action has been percolating steadily as we have seen a large number of pocket pivot buy points emerge over recent days, and members can reference these in the VoSI reports archive section for more details.
Some of the more notable areas of strength include LinkedIn (LNKD) which had a large-volume pocket pivot move up through its 10-day moving average after pricing a 5.38 million share secondary at a surprising 223, over 10% from where the stock closed yesterday after reacting quite positively to the secondary pricing.
This morning Infoblox (BLOX) is set to gap-up following its earnings announcement after-hours yesterday, and we will issue a report on this as a potential buyable gap-up once we see how this develops after the market opens. This gap-up reminds us a bit of Splunk (SPLK) which gapped up last Friday and has held up very tightly near the highs of the gap-up day's price range.
We also note that Tesla Motors (TSLA) continues to hold tight after breaking out of an ascending base last week as it came up through the 160 area, and we would not be surprised to see the stock continue to confound the shorts and naysayers by moving higher as a "big stock" leader in this market similar to Netflix (NFLX), LinkedIn (LNKD) and Facebook (FB).
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