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MLR - PMP 3/27/14

The NASDAQ Composite Index broke down through its 50-day moving average decisively yesterday on heavier volume, while the S&P 500 staged an outside reversal day on heavier volume as well. Leading stocks, which have been getting hit hard for the past 2-3 weeks, were hit hard again yesterday as an increasing number of leaders, such as Facebook (FB), start to violate their 50-day moving averages. The relatively better performance of the NYSE-based indexes, given that the S&P 500 remains about 1% above its 50-day moving average, has been characterized by a general shift towards low P/E, stable, old-line big-cap names as institutional investors take a more defensive posture and cycle out of high P/E high-flyers. Investors who have been heeding clear sell signals in leading stocks should be naturally raising cash as the market continues to weaken and forces them out of stocks.

Gold dropped below its 200-day moving average as the selling in stocks will logically spread into other areas such as commodities. The message of the market is clear: investors should be playing strong defense here and taking action to protect themselves as necessary.

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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