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Market Lab Report - Premarket Pulse 5/4/15

The NASDAQ Composite and S&P 500 bounced off their respective 50-day moving averages on Friday on appreciably lower volume. The number of distribution days remains high. That said, the up-down oscillation in the price of the majors seems to be narrowing which potentially bodes well for an upside breakout to resolve this sideways market that has persisted since December 2014. On the other hand, leaders have had a tough time of things which may imply further down side in the short run. Of course, major averages can tip toe higher as they have done in the past even while leaders struggle to find their footing.

Investors should maintain awareness of leading stocks that may be pulling into logical areas of support while keeping an eye out for areas that may benefit from any rotational type of correction in the general market. We have seen a number of standard-issue base breakouts fail, particularly in headline names like Apple (AAPL), Twitter (TWTR), and Facebook (FB), and this speaks to the value of utilizing alternative buy points as stocks come up the right sides of potential new bases. This is the primary long set-up that appears to work in this market, while orthodox buying of obvious base breakouts is far less effective. Thus as the market pulls back investors should be on the lookout for potential emerging leaders showing these types of unorthodox buy points such as roundabout pocket pivots.

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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