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MLR - PMP 12/6/13

Major averages were down yesterday with the exception of the Russell 2000, which closed up, all on lower volume. The monthly jobs report added 203,000 jobs while the unemployment rate fell to 7%. Economists had expected November non-farm payrolls to increase 180,000 with the unemployment rate ticking lower to 7.2%. Futures are rallying on the news. But with recent talk that even 6.5% unemployment might not be enough to start tapering, and with the knowledge that actual unemployment is far higher when accounting for those who have simply given up looking for work, tapering is perhaps a lot further off. Throw in an improving economy and the kindling might be there to ignite a strong year-end rally.

Celgene (CELG) had a pocket pivot yesterday as it recovered to all-time highs. We have reported on CELG before (see archives).

U.S. Silica Holdings (SLCA) had another pocket pivot yesterday as well. We have reported recently on SLCA.

Recent IPO Veeva Systems (VEEV) looks to have had a pocket pivot yesterday assuming that on the 5 minute chart, most of the volume for the day occurred before the close going into its earnings announcement in the after-hours. After a strong report that included increased forward revenue guidance, VEEV is looking to gap up this morning and could post a BGU. Group rank 12, ROE 78.2%, and sales are strong, however earnings are slowing.

Polaris Industries (PII) had a pocket pivot yesterday. Earnings and sales are accelerating, institutional sponsorship has grown 4 quarters, ROE 52.5%. The base has been tightly constructive.

Social-networking names have been strong lately, and LinkedIn (LNKD) is gapping up this morning in what could be a buyable move, while Facebook (FB) is set up for a possible "bottom-fishing" pocket pivot if it can clear its 50-day moving average on volume that exceeds 82,566,000 shares, roughly. Both stocks have been building bases recently and if the market kicks into high gear it is highly likely that they will re-emerge as well.

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