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MLR - PMP 12/10/13

Major averages ended up on lower volume. This reluctance to move higher on waning volume has been standard for 2013. Nevertheless, the S&P 500 closed at new highs and the NASDAQ Composite briefly touched 13-year highs. Bullish sentiment among newsletters is at new highs for the year as quantitative easing continues on full blast and the seasonally strong December adds to the positive sentiment. That said, not many leaders are showing strength and the advance/decline lines on the major indices continues to lag. As always, keep a close eye on your stops since even a small pullback in the major indices has led to much steeper drops in leading names this year.

Gilead Sciences (GILD) had a buyable gap up Monday morning on news that the FDA had approved Sovaldi, GILD's blockbuster drug for Hepatitis C. GILD has also shown promising results in pivotal Phase 2 data for Idelalisib in refractory indolent non-Hodgkin's lymphoma. While earnings are a bit flat at present, they are expected to greatly accelerate in 2014. That said, the gap closed but the action is still positive as 12,869,000 shares traded allowing for a pocket pivot.

Chicago Bridge & Iron (CBI) flashed a pocket pivot yesterday, something we advised members to watch for pre-open yesterday given its tight action along the 10-day moving average. Illumina (ILMN), another stock we highlighted pre-open yesterday, moved up and off of its 10-day moving average, but volume was not sufficient for a pocket pivot. Buy signals in recent days have had mixed results, so if one decides to act on such a signal it is necessary to keep a clear stop in mind in the event the buy signal fails.

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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