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MLR - PMP 3/26/14

The major market averages rose yesterday on lighter volume. The NASDAQ Composite has taken most of the damage, but has still managed to close above its 50-day moving average after nasty intraday reversals two days in a row. In January of this year, both the S&P 500 and NASDAQ Composite took heavy damage which led to further downside. This time, the S&P 500 has held up rather well partly due to the financials outperforming while biotechs have weighed down the NASDAQ. The question is whether the current damage which has been appreciable in leading stocks will result in further downside. History shows this to be likely but quantitative easing which is still alive and well should prevent any steep correction from occurring. With market averages only off only a few percent or less, odds favor market averages correcting a few more percent before finding a floor given the amount of damage done to leading stocks. Keep your stops extra tight in the current environment. The models sit in cash but are ready to switch signals in the days ahead as warranted.

Taser International (TASR) had a pocket pivot yesterday coming off of its 50-day moving average and up through the 10-day moving average. Earnings and sales have accelerated but the stock tends to violate its 50-day moving average routinely so selling into strength may be a better strategy should the stock move back up to its highs. As well, in this market, taking long positions carries more risk given the broken down state of many leading stocks.

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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