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MLR - PMP 10/24/13

Major averages were off on mixed volume with all of the indexes logging a distribution day despite closing well off of their intra-day low. Investor sentiment was also hit by worries about possible monetary constrictions in China and softness among European banks. China let money market rates float sharply higher to cool inflation and the hot real estate market. The market has come up sharply from its early October lows and is entitled to some consolidation, although investors should remain aware of the action in leading stocks, some of which have been hit hard as of late, including Netflix' (NFLX) colossal high-volume reversal on Tuesday.

Tesla (TSLA) closed below its 50-day moving average for the first time since it launched in April. Should it trade below the low of Wednesday's close, it would be a violation and a sell signal. That said, if you already sold, that is understandable given that the stock has had a massive upside move and may be ready to form a deeper base before it is ready to continue its uptrend.

Invensense (INVN) is nearing its 50-day moving average once again. It has yet to violate it since it gapped up on a strong earnings report in May. Its story is unique and sound so the intrepid may want to add to their existing positions as it trades around its 50-day as long as no violation occurs. A violation occurs when a stock closes below the low of its moving average then trades below the low on subsequent days. Buying strength in INVN has not proven to be a sound strategy with this particular stock, so a pullback to the 50-day line might offer a lower-risk approach that is more appropriate to this specific stock.

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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