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MLR - PMP 11/12/13

The major market averages closed slightly up on lower volume yesterday, with slow trade resulting from the Veteran's Day holiday. Yet another leading stock, this time Facebook (FB), has violated its 50-day moving average. Tesla (TSLA) and LinkedIn (LNKD) recently violated their 50-day moving averages. Priceline (PCLN), on the other hand, hit new highs after a strong earnings report on Friday. Google (GOOG), a slower leader, has traded tightly since its gap up on strong earnings and remains in a short flag formation.

Organ-printer Organovo (ONVO) had a pocket pivot breakout yesterday. ONVO has had prior recent buy points on which we have reported.

Gogo (GOGO) had a pocket pivot on Friday followed by a buyable gap up on Monday. It closed near the top of its trading range, as it proceeded to trade higher from its opening price. BGUs can be bought at the open or later in the day, depending on one's risk tolerance levels. Sometimes, in difficult markets, it is best to not buy the stock at all, or a half position can be taken at the open, with the other half deployed later in the day or in subsequent days depending on how the stock trades.

Even as the major indexes trade near or at new highs, most leading stocks have remained in correction mode, and new buy signals among leading stocks are few and far between. Investors cannot remain complacent solely on the basis of the major market indexes as sitting too long with a leading stock that is correcting sharply, such as TSLA for example, can be quite painful. Therefore one must operate on the basis of a proper stop-loss policy and heed meaningful signals as they occur in real-time.

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