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MLR - PMP 2/20/14

The major market averages ran into their first distribution day since their rally off the lows of over two weeks ago as all fell on higher volume. After the straight-up-from-bottom price action on the part of major indices, a consolidation of sorts is to be expected. The Jan. 28-29 Federal Reserve meeting minutes showed a few governors saying it may be appropriate to raise short-term interest rates soon. Of course, this view has been held a number of times over the last couple of years, which seems like lip service rather than action as the fate of the economy will determine the Fed's actions. So far, global recovery is mixed with questions raised about the veracity of the government induced reports.

The market pullback gives investors an opportunity to see how leading stocks, many of which are extended after moving higher with the market over the past two weeks, handle themselves as they potentially pull back and consolidate recent gains with the market.

Tesla Motors (TSLA) is gapping up this morning in pre-open trade after beating on earnings last night after the close. This may set up a buyable gap-up situation which we will report on as appropriate once the market has opened.

Facebook (FB) is trading down in pre-open action after announcing a $16 billion cash and stock buyout of WhatsApp. This brings the stock closer to its 10-day moving average which it has remained above throughout its move higher since the buyable gap-up of late January following FB's earnings announcement.

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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