Off your game?
Read our free, updated as of Mar 3, 2022, Dr K report on how to optimize your mind and body so you can boost your focus when trading the markets.
Meet Dr K !
Chris Kacher
  • Nuclear physicist
  • Stock & crypto market wizard
  • Blockchain builder
  • Bestselling author
  • Top 40 charted musician
  • Biohacker
  • Former computer hacker
Your email will always remain private.

MLR - PMP 10/29/13

Major averages closed about breakeven on mixed volume. Apple (AAPL) gapped 3% lower after reporting earnings taking NASDAQ futures down with it. “Guidance was disappointing as better revenues were not enough to offset gross margin pressure,” Peter Misek of Jefferies & Co. wrote in a note to clients. “We think gross margin pressure is short-term/one-time in nature and would use stock price weakness as a buying opportunity.” AAPL has since moved higher and at the time of this writing an hour before the open is trading back above yesterday's closing price.

The U.S. dollar is nearing its support level near 2-year lows, and is currently roughly 10% above its all-time low. Precious metals, meanwhile, have been moving higher. With quantitative easing firing on full blast, it would not be surprising to see the dollar break below support levels. This could provide a boost to precious metals which can move in the opposite direction of the dollar, though keep in mind there are many other cross currents which can blur this relationship such as when the Federal Reserve artificially props up the dollar at the same time the Chinese are buying gold to reduce their exposure to U.S. Treasurys. Nevertheless, the last time the dollar was in a prolonged downtrend back in in 2011, gold and silver both rallied sharply. Gold seems to have found its low in late June 2013 when it began to rally roughly at the same time that the dollar peaked and began a downside trend that has taken it to new lows in 2013. With both the SPDR Gold Shares (GLD) and iShares Silver Trust (SLV) trading along their 50-day moving averages currently, investors should remain alert to potential pocket pivot buy points developing over the coming days as tomorrow's Fed policy announcement is expected to confirm the continuation of QE.

Meanwhile, few actionable buy points have been showing up in leading stocks, and in fact a number of leading stocks have come under some pressure recently, such as Facebook (FB), Netflix (NFLX), and Tesla Motors (TSLA) which is holding up about 2% above its recent 160.15 low. A break below this level would constitute a 50-day moving average violation for the stock, the first since it began its tremendous upside run back in May of this year. LinkedIn (LNKD), which has also shown some selling volume in recent weeks, is expected to report earnings today after the close.

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.
Copyright ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing.
All Rights Reserved.
privacy policy