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MLR - PMP 2/28/14

The major market averages were up yesterday on lower volume. Economic data has been mixed with durable goods orders for January and the Kansas City Fed's manufacturing index for February stronger than expected, but first-time jobless claims came in weaker. Fed Chair Janet Yellen testified yesterday that economic weakness may require a slowdown in tapering, which is consistent with out view that the Fed is to a large extent locked into QE for the foreseeable future.

The recent bounce in commodities that breaks its 2 year downtrend on the CRB Index is a sign that either the global economy is recovering or that quantitative easing will continue at its torrid pace or a combination of the two. Precious metals may also have put in a significant bottom as both are now above their respective 200-day moving averages. Market internals also have been strong with a number of quality pocket pivots and buyable gap ups over the last several days as the Advance/Decline lines on both the NYSE and the NASDAQ have moved to new highs along with the market. We are also seeing positive feedback in that a majority of buy signals, particularly among buyable gap-ups, are resulting in higher price movement.

Reports indicate that Tesla Motors (TSLA) is seeing strong demand for its convertible bond offering, originally slated to be $1.6 billion in size. So far the company has raised $2 billion and this may go as high as $2.3 billion based on overallotment provisions, according to the Financial Times. We see any pullbacks in the stock as the offering is finally priced as buying opportunities.

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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