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Focus List Review - Week Ended June 2, 2017

Current Focus List

The VoSI Focus List is a compilation and reference list of stocks for which Pocket Pivot or Buyable Gap-Up Reports have been issued. It is not intended as a "buy list" or a list of immediately actionable recommendations. Stocks on the list may or may not be in proper buy positions, and investors should exercise discretion and proper judgement in determining when and where stocks on the Focus List can be purchased. The following notes are intended to assist in this process. Please note that members can enlarge the Focus List image by clicking on the body of the email and then holding the Control Key while pressing the "+" key until it is large enough to read.

General Observations:

The major market indexes all posted all-time highs on Friday as volume declined. The NASDAQ Composite logged above-average volume, however, despite being lower than Thursday’s levels. A very bullish development in the broader small-cap Russell 2000 Index occurred on Thursday when the index regained its 50-day moving average with authority. Another indication of a broadening market rally was seen in the very broad NYSE Composite Index which broke out to all-time highs on Thursday.

Focus List names continue to act well, with some issuing pocket pivot buy signals over the past week. Details will be found in our notes below.

The Market Direction Model (MDM) remains on a buy signal. The VIX Volatility Model (VVM) is currently on a sell signal.

Removed from the List this Week: None.

Focus List Stocks Expected to Report Earnings this Week: None.

Notable Action:

Amazon.com (AMZN) finally cleared the $1,000 “Millennium Mark” on Friday, closing at an all-time high of 1006.73 on volume that was 6% above-average. This can be treated as a Livermore Century Mark Rule buy signal using the 1,000 price level as a tight selling guide of less than 1%.

Arista Networks (ANET) broke out to all-time highs on Friday. The stock had already posted two pocket pivots on Wednesday and Thursday as noted in our morning Focus List Notes at the time.

Alibaba (BABA) is holding very tight along its 10-dma after a massive-volume shake out after reporting earnings two weeks ago. The stock looks buyable here using the 20-dema as a maximum selling guide.

Baozun (BZUN) continues to consolidate its prior sharp upside move in early May as it slowly settles down along its 10-dma and 20-dema, though its 20-dema has served as steady support for the stock recently thus would offer more optimal entries, should they  occur.

The Chemours Company (CC) found support at its 50-dma on Wednesday and has bounced off the line. On Friday it held tight just below its 20-dema as volume declined. This appears to be in a buyable position using the 50-dma as a relatively tight selling guide.

Coherent (COHR) broke out Friday on a five-day pocket pivot that saw volume increase by 8% over average. The stock was previously buyable on pullbacks to the 140 level per our prior morning Focus List Notes over the past two weeks.

Facebook (FB) broke out to all-time highs on Friday on volume that was 4% above average. The stock was previously buyable along the 20-dema per our prior morning Focus List Notes on the stock over the past week or so.

JD.com (JD) is holding tight along the 40 level as volume declines. The stock has had a huge price run since it was first added to the VoSI Focus List down in the 26-27 price area late last year.

Momo (MOMO) could be setting up in a typical “Ugly Duckling” type of situation where it is holding tight along the 50-dma after failing on a prior breakout attempt in mid-May. Volume has been drying up, with levels declining to -30% on Friday. The stock has also posted a near-term undercut & rally (U&R) type of long set-up after undercutting the prior 37.32 low in the pattern from May 11th. This would put the stock in a buyable position using the 37.32 low or the 50-dma as selling guides.

Netflix (NFLX) remains within buyable range of the prior week’s pocket pivot gap-up breakout. In this case, the 10-dma or 20-dema would serve as reasonable reference points for selling guides.

Snap (SNAP) continues to consolidate its prior gains since reversing off its post-earnings lows at 17.59 and then posting an undercut & rally long set-up as it came up through the prior 18.90 low in the pattern. It has spent the past five days holding tight along its 20-dema as volume has dried up. While this may need more time to consolidate, the action so far looks constructive and buyable here using the 10-dma or 20-dema as tight selling guides.

Tesla (TSLA) remains within buying range of its prior flag breakout through the 326 price level. Of course, any small, constructive pullback from Friday’s close towards the top of the prior base at 326 would offer a very juicy entry point, should that occur.

Wix.com (WIX) was buyable along the lows of its current base despite dropping below the 50-dma as we discussed in our morning Focus List Notes on Thursday before the open. WIX had posted an undercut & rally long set-up after undercutting and then rallying above the prior 73.05 low of May 23rd. The stock then went on to post a pocket pivot on Friday as pushed up through the 10-dma, 20-dema, and 50-dma in bullish fashion.

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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