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Market Lab Report - Premarket Pulse 6/7/16

Major averages rose yesterday on lower, below average volume as they make their way toward new highs. The S&P 500 and Dow Jones Industrials both sit just roughly 1% from blue sky.

Federal Reserve Chair Janet Yellen on Monday said she expects the U.S. economy will continue to improve and expects further gradual increases in interest rates will “probably” be appropriate, though mentioned the economy faces a number of challenges.

“I continue to believe that it will be appropriate to gradually reduce the degree of monetary policy accommodation, provided that labor market conditions strengthen further and inflation continues to make progress toward our 2% objective,” Yellen said in a speech to the World Affairs Council of Philadelphia.

Of course, she's been and will continue to walk the tightrope between tightening and not tightening as the Fed is a political body.

Yellen offered no clues on the timing of Fed action in her remarks, but the weak May jobs report has certainly pushed any rate hikes further out. The meeting in September is the month when Fed futures put the odds of a rate hike above 50%.

Semiconductor company Maxlinear (MXL) had a continuation pocket pivot off its 10-day moving average. We reported on the buyable gap up and a subsequent pocket pivot in MXL in recent reports. Earnings and sales are skyrocketing, pretax margin 23.8%, ROE 38.9%, group rank 74.

Cement manufacturer Eagle Materials (EXP) had a pocket pivot off its 10-day moving average. EXP is a cousin to VMC which had a pocket pivot in April which has done reasonably well since we reported on it on April 13. VMC itself is currently pulling back to its 20-day moving average on declining volume. EXP had pulled back to its 20-day moving average before pushing higher off of the line yesterday.

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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