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MLR - PMP 12/5/13

The major market averages closed mixed yesterday, with the NASDAQ slightly higher on increased volume while the S&P 500 and Dow were slightly down on lighter volume. However, all of the major indexes closed near the peak of their daily trading ranges on at least above-average volume after selling off hard earlier in the day for what was clearly a round of buying support off the lows. With tapering well delayed, it's easy to assume the markets will continue the uptrend that has been present all year. While the odds are good this will occur, be prepared for the unexpected. Price/volume action, as always, will lead the way.

Most major leaders have pulled back during the past three days' of market pullback, and investors should look for those leaders which have shown prior strength and then pulled back in constructive fashion. While many continue to make little progress overall, they continue to be dragged slowly higher when the market is stepping higher, then pummeled when the market gets hit just 1-2%. The key factor here will be whether recent pullbacks are helping to set up the stronger leading stocks, many of which we've reported on in recent emails, for stronger action in December should the market make a year-end move higher.

The gaming stocks showed strength yesterday as Las Vegas Sands (LVS) had a standard-issue base breakout from a six-week flat base on heavy volume, while Macau casino operator Melco Crown Entertainment Ltd. (MELP) flashed a pocket pivot breakout and Wynn Resorts (WYNN) flashed a pocket pivot as it tries to round out the lows of a potential new base. Further group confirmation is found in the recent action of Bally's (BYI), which flashed a pocket pivot five days ago as it regained its 50-day moving average despite prior weakness in the pattern.

Apple (AAPL) finally inked a long-awaited agreement with China Mobile to sell iPhones in China.

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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