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MLR - PMP 10/11/13

The major averages rallied on Thursday as House GOP leaders readied to meet with President Barack Obama for the first time since the start of the government shutdown, now in its 11th day. Heightened levels of volatility have been observed as headline risk swamps the markets. Leading stocks which have recently taken strong shots across the bow bounced on the news, but generally on weaker volume than the prior sell off day. Caution is still warranted, in our view, as most stocks are not in buyable positions.

House GOP leaders offered a plan to hike the debt ceiling for six weeks with no policy strings attached, but ended the meeting Thursday night without a deal to re-open the government or raise the U.S. debt limit. Futures slumped on the news but are currently trading about even to yesterday's close at the time of this writing. Both sides agreed to keep talking. Near-term, the outcome of such talks may continue to create volatility in the markets.

Conservative investors may wish to keep overnight market exposure limited in this headline risk-off environment as overnight gap ups or gap downs may be unusually common.

Yesterday's action was evidence of why short-selling with the idea of playing a prolonged bear period is not advisable at this time. Some have asked us for short "ideas," but the danger of short-selling in an environment like this is high. The longer-term trend of the market will become more clear once the current crisis has passed, and we are able to see how the market ultimately reacts to any final budget and debt-ceiling agreements.

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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