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MLR - PMP 10/1/13

Major averages clawed their way back after a big drop at the opening bell, though still finished lower on higher volume, marking another distribution day. It seems that investors are aware of the history of government shutdowns in the US which have shown that they are often met with stock market rallies during and after the shutdown ends, so the weakness at the open was perceived as a buying opportunity. Indeed, the shutdown is starting today after no deal was reached yet futures are up not quite half a percent as of this writing.

Chinese provider of real estate marketing and listings Soufun (SFUN) had a pocket pivot breakout yesterday. While the stock is a smaller name, earnings and sales are robust, while profitability is extremely strong with pretax margins of 51.4% and a 125% ROE.

New bio-tech name Intrexon (XON) had a bottom fishing pocket pivot yesterday as it came up through its 10-day moving average. XON is a recent IPO with no earnings and little sales, but it is estimated to start earning next quarter, and 2014 earnings estimates are huge at 74 cents. Initial sponsorship in the stock is also very strong for a recent IPO. XON develops DNA gene programs using its proprietary technologies that control cellular function. It's programs are used in end markets such as food, energy, environment, and healthcare.

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