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Market Lab Report - Premarket Pulse 7/8/15

Major averages rose on higher volume after trading lower for most of the day on uncertainties in Greece. The rally was brought on by hopeful headlines regarding more Eurozone meetings for the alleged purpose of sorting out Greece's debt issue. The S&P 500 and DJIA traded under their respective 200dmas then managed to close well above it on a strong bounce.

The IMF said the Fed should wait to move until it sees “clear signs of wage and price inflation." The IMF doesn’t see inflation as measured by the Fed’s favorite measure hitting 2% through 2017. This implies QE lasting much longer than expected, but then, Pimco's former Bill Gross who ran the world's largest bond fund gave similar expectations on the lifetime of QE. Thus this QE-fueled bull market could continue for far longer than expected.

That said, futures are trading lower by more than 0.5% at the time of this writing as the Chinese stock markets continue to unravel. Nearly half of the country’s listed companies have been suspended for trade. The Shanghai Composite Index SHCOMP lost another -5.90% bringing the total loss over the last month to almost 1/3 or 33% from its prior peak. Of course, the big Chinese bull that began last November rose more than 100% on the SHCOMP, so will have retraced all of its gains should it fall more than 50% from its prior peak. From here, the pace of selling could accelerate should margin debt issues aggravate the situation much as such issues did to cause the great crash of 1929.

Over in Greece, the EU has now given Athens yet another deadline of this Sunday to reach an agreement with lenders or risk bankruptcy and a eurozone exit. Greek Prime Minister Alexis Tsipras said his government will present a detailed reform list in coming days.

Medical device maker ABMD had another pocket pivot off its 50dma. Its close was essentially breakeven. Earnings are skyrocketing, group rank 33. ABMD gapped up on its last three earnings reports.

Outsourced healthcare company TMH had a pocket pivot off its 10dma. Earnings and sales are accelerating, ROE 48.3%.

Temporary labor staffing firm TBI had a pocket pivot through its 10dma. Earnings and sales are accelerating, group rank 56.

Keep in mind that pocket pivot alerts are intended to flag stocks that are showing constructive action, regardless of the general market environment, but may not necessarily be actionable based on general market conditions. In the current environment stocks like these are candidates for one's buy watch list and may become actionable IF the general market finds its feet and tries to rally once again.

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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