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MLR - PMP 10/18/13

Major averages moved higher on mixed volume. Though volume was less on the S&P 500, the index closed at new all time highs. Markets seem to be relieved that the can has been kicked down the road once again as the debt ceiling has been raised for a few months more and the government reopened. With the markets moving higher again this morning, the entire budget and debt-ceiling "crisis" turns out to be little more than a massive shakeout.

Google (GOOG) gapped up over 8% in the aftermarket after reporting soaring ad volume. While this constitutes a buyable gap up, keep in mind GOOG is a $300 billion company so it tends to be a slower mover than routinely violates its 50-day moving average. As with other super cap stocks that once were stellar sprinters in their younger days, GOOG's days of doubling in less than a year are perhaps long gone.

Organovo (ONVO) had a pocket pivot. This is a thin microcap stock but deserves mention because it takes 3-D printing to a whole new level. It has developed a 3-dimensional bioprinting technology to create tissue on demand for research and medical applications. Biological models are then developed for drug discovery and development. This is a development stage company with no earnings and little sales so position size accordingly. Its chart has shown ability to double in a matter of a few weeks or less. This is a speculative play.

Sandisk (SNDK) had a buyable gap up but a lower quality one simply because it tends to violate its 50-day moving average regularly.

Tango (TNGO) had a pocket pivot on Wednesday and was still actionable on Thursday as the price pulled back gently. It is a thinner name so position size accordingly. Group rank 6, strong earnings.

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