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MLR - PMP 11/5/14

Major averages fell fractionally yesterday on mixed volume, a positive sign as the market looks to consolidate sharp gains made over the past 3 weeks. The ongoing downtrend in crude oil prices accelerated when Saudi Arabia reduced its price in oil to keep itself competitive. Commodities overall have been in a downtrend as global demand continues to wane, a result of the soft global economy. Futures up this morning after the Republicans took control of the Senate in yesterday's election and now have a majority in both houses of Congress. This is viewed as a positive for the market given the Republicans' favorable stance on economic and business issues in comparison to the economically oppressive Obama agenda of more government, more regulation, and more taxes.

Leading stocks continue to act well, as Alibaba (BABA) emerges as a big-stock leader following yesterday's earnings report and successful test of the top of its "IPO U-Turn" base formation. BABA strikes us as being similar to Google (GOOGL) in 2004. We have a position in the stock.

The European Central Bank meets tomorrow. The European Commission recently cut its growth forecast as Europe could sink into yet another recession. The pressure is on for the ECB to quicken the pace of QE.

Thus with central banks favoring the printing of money with the most recent action from the Bank of Japan, the US market which is in pole position looks to reap the benefits as it has since 2009. So while this bull market gets long in the tooth, quantitative easing puts all bets off as the market remains in uncharted territory as said by Alan Greenspan, the former Fed chairman. The trend is your friend and don't fight the fed. That said, there is no QE safety net for the US market at present so a correction of some magnitude is possible. Complacency is never an option.

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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