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MLR - PMP 1/3/14

Major averages fell on higher but below average volume. With light holiday trading going into the New Year's Day holiday, today's distribution day was easily achieved. Tax selling could have been part of the reason for the soft performance as investors waited to sell until after the year so profits would not be realized until tax year 2014. Despite the lower averages, a number of leading names moved higher out of constructive patterns on appreciable volume and a large number of pocket pivots were observed.

Among these were:

YY, Inc. (YY), which had another pocket pivot following on last week's pocket pivot which we reported on December 27th.

Splunk (SPLK), another name we've reported on recently. also had a pocket pivot.

Solar energy stocks, which are currently ranked #1 among all industry groups, were responsible for an unusually large number of pocket pivots that were observed yesterday, including Sunpower (SPWR), First Solar (FSLR), Canadian Solar (CSLR), Solar City (SCTY), Jinko Solar (JKS), and Trina Solar (TSL).

Chinese internet retailer Vipshops (VIPS) had a pocket pivot yesterday, its third in the past nine trading days.

Fleetcor Technologies (FLT) which is trying to come up off the lows of a potential new base. FLT's institutional sponsorship has increased in every quarter since the company went public 12 quarters ago.

Sturm Ruger (RGR )- the pistol and shotgun maker with strong sales and earnings and an impressive return-on-equity of 60.8%.is also trying to round out the lows of a potential new base.

This morning recent IPO and next-generation cyber-security firm FireEye (FEYE) is gapping up out of its first base since coming public back in late September. We will issue further reports on FEYE's potential buyable gap-up move as the situation develops once the market opens.

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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