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MLR - PMP 12/12/14

Major averages bounced yesterday at the open, then weakened and reversed later in the day to finish near their trading day lows. The Market Direction MOdel MDM took advantage of the bounce and switched to cash.

Futures are currently lower at the time of this writing. European stocks continue to sell off after the International Energy Agency cut its outlook for global oil demand. Oil prices are at around $59 as oil continues its free fall due to the U.S. shale boom brought on by fracking technologies, stagnating oil demand growth in Asia and Europe, and the reluctance of large Middle Eastern producers such as Saudi Arabia to intervene to cut the global supply glut.

Furniture retailer Restoration Holdings (RH) had a buyable gap up after a strong earnings report. We mentioned RH's pocket pivot on 12/9. Members should keep in mind, however, that in this environment buying anything carries a high degree of risk given the current general market action.

Short-sale target Workday (WDAY) rallied right into its 200-day moving average yesterday before reversing to close near flat on the day. The stock remains shortable here using the 200-day line as the new upside stop. We currently have a position in the stock.

Tesla Motors (TSLA) rallied yesterday on the big phony market rally early in the day but reversed to close down on the day on above-average volume. So far the stock has been unable to get back above the prior October low in the 217 area. We continue to look for a breach of the 200 price level and a move towards our next downside price target at the 177.22 low of the prior cup base. We currently have a position in the 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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