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MLR - PMP 1/6/14

The first two trading days of the year have seen the major market indexes back down slightly from their New Year's Eve peaks. The action among leading stocks has been a mixed bag, but some pockets of strength have emerged in the New Year.

Bullish sentiment is at all-time highs so could be the preface to a sharp correction, but keep in mind that such indicators are secondary since such bullishness can persist for many months before a top is reached, and then the top does not always have to be fully climactic either, especially given the artificially manipulated QE environment. Major tops took a number of months to form in years such as 1929, 1987, and 1997-2000. So the key is always to heed price/volume action of the major indices and leading stocks.

Solar stocks started out the year on Thursday with a strong group move led by Canadian Solar (CSIQ) which was up 9.2% on that day. Solar City (SCTY) is following suit this morning with a gap-up move after Goldman Sachs put the stock on its Conviction Buy list this morning. At the time of this writing, the stock is trading at a new all-time high pre-open, and we will follow-up on this as a buyable gap-up once the market has opened. SCTY was mentioned by us in recent pocket pivot reports over the past couple of weeks, so some VoSI members may already have a position in the stock.

Fireeye (FEYE) had a buyable gap up on news that it will acquire cybersecurity firm Mandiant thus raised its bookings and revenue expectations. Sales are soaring and company is one of the early leaders in this space.

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