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MLR - PMP 12/13/13

Major averages were fractionally mixed on lower volume. The bigger picture is that while quantitative easing continues on full tilt, the hole is getting deeper and deeper. Moneyweek suggests that the enormous debt pile up in the US and the UK will ultimately lead serious consequences. If foreign inflows move instead to other currencies such as the euro and eventually the Chinese renminbi, as well as traditional storehouses of value such as gold, interest rates will rise, causing a potentially huge interest rate debt burden that could break the back of the dollar, removing it from fiat currency status.

Price/volume will lead the way toward signalling a major top when the next one occurs which is anyone's guess, and the reasons behind it are usually known after the fact, heed your stops as always. Futures are up pre-open. Given the fact that the S&P 500 Index just undercut its prior November and early Decembber lows and is sitting right on top of support at roughly 1775 while the NASDAQ slightly undercut support at the 4000 level, the market is in position for a reaction move to the upside. How this carries through will likely provide evidence as to whether further downside is in store for the market going into next week's key Fed announcement.

Despite the downside tilt of yesterday's action, big-stock NASDAQ names Facebook (FB), Netflix (NFLX), LinkedIn (LNKD) and Tesla Motors (TSLA) were up on the day with NFLX posting pocket pivot buy signal yesterday while FB held its gap-up move after being added to the S&P 100 and 500 Indexes.

Other stocks that had pocket pivots yesterday in the face of a weak tape were Michael Kors (KORS) and Illumina (ILMN). Southwest Airlines (LUV) also had a pocket pivot yesterday - the stock is a turnaround situation in the airline industry.

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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