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MLR - PMP 1/24/14

The major market averages traded lower on higher volume though they managed to claw back part of their losses. Futures are trading lower by just under 0.5% at the time of this writing as a surprise contraction in China’s manufacturing sector spurred worries about a possible spillover to the rest of the global economy. China's financial sector has also come under concern.

Further, the Argentine peso suffered its biggest fall since 2002 on Thursday after the central bank reportedly ran out of reserves to support its currency which caused stocks in Spain which are closely tied to Latin America to tumble more than 3%.

Buying the right stocks on pullbacks, given the rhythm of this QE manipulated market, can work well, though care must be taken to see the market find its footing before steppiing in and buying. And buying index-tracked ETFs on pullbacks have been a good strategy as well, since major averages have yet to correct more than 5-6% since January 2, 2013. At present, major averages are off 1-2% assuming markets open at current levels, so they may have a few more percent to fall before the market finds its floor.

We will keep our screens running and an eye out for possible opportunities in stocks as we see them in the coming days should this market pullback provide buying opportunities.

Microsoft (MSFT) and Starbucks (SBUX) are trading higher in the premarket after reporting earnings.

United Rentals (URI) had a pocket pivot after reporting strong earnings. Group rank 24,

The SPDR Gold Shares (GLD) had a pocket pivot in Thursday's trade. It may therefore trade up into its next level of resistance at its 200-day moving average. Keep in mind that at these bottom fishing levels there are a number of cross currents that can serve to derail the pocket pivot from working. That said, its current base recently retested then undercut the prior lows of June 2013 and is rounding out the bottom of a potential new base nicely.

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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