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MLR - PMP 1/7/14

The major averages fell on higher volume. While the number of distribution days has been piling up, 2013 saw a number of periods where such pile ups occurred only to see the market quickly find its footing then head higher, as quantitative easing on full blast helped to keep a floor under the market. Futures are up this morning, and despite yesterday's weak index action, a number of leading stocks showed positive signs, some following up on strong action or pocket pivots we have reported on in recent days.

Identity theft protection company Lifelock (LOCK) had a pocket pivot as it rounds out the lows of a potential new base. LOCK's group rank is 38, earnings have shot higher over recent quarters, institutional sponsorship has climbed higher since the company went public 4 quarters ago, and the company gapped higher on its prior earnings report on an initial show of strength.

Yelp (YELP) had a pocket pivot yesterday as it also comes up the right side of a new base. Group rank is a strong #3, and institutional sponsorship has increased since the company went public 8 quarters ago.

Global Eagle Entertainment (ENT) had a pocket pivot. ENT is a competitor of GOGO as it too provides wifi access for commercial airline passengers. Earnings are sales are greatly accelerating, group rank 15. Keep in mind ENT is a small cap stock so on the thin side.

Align Technology (ALGN) had a pocket pivot breakout from a 10-week base. The stock hit an all-time closing high yesterday on strong volume. ALGN's group rank is 21, and earnings and sales are increasing. ALGN gapped up on its prior earnings report.

Solar City (SCTY) had a buyable gap up. We have reported on SCTY's previous pocket pivots in the pattern on December 17, December 19, and January 2 that preceded yesterday' buyable gap-up move.

Chinese provider of real estate marketing Soufun (SFUN) had a subtle pocket pivot coming off a short six-day flag along the 10-day moving average. Group rank 3, pretax margin 51.4%, ROE 125%, and earnings and sales are robust.

Vacation rental online marketplace provider Homeaway (AWAY) had a pocket pivot yesterday as it pulls down along its 10-day moving average within an eight-day flag formation. AWAY's group rank is a strong #31, while institutional sponsorship has grown steadily over the last 6 quarters.

Workday (WDAY) broke out of a cup-with-handle formation yesterday on strong volume. We previously reported on WDAY when it had a pocket pivot on December 20.

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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