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MLR - PMP 3-4-15

Major averages sold off yesterday on mixed volume but managed to recover about half their losses to close roughly in the mid-point of their daily trading ranges. However, the NASDAQ logged a distribution day in the process. After Monday's heady gains, a breather is not unexpected as it gives the 10-day moving average a chance to catch up to the index' current price levels. The number of actionable stocks has grown so constructive market pullbacks such as the one we saw yesterday can be an opportunity to pick up shares in stocks you may have missed, assuming they pull back constructively into logical areas of support. In cases where they do not it is imperative that investors have a clear stop-out level in mind. This morning futures are down as the NASDAQ 5,000 level may serve as a near-term area of psychological resistance.

Camera chip-maker Ambarella (AMBA) is gapping up and out of a base this morning after announcing positive earnings yesterday after the close. This may develop into a buyable gap-up, and we will be monitoring the stock's action closely once the market opens.

Palo Alto Networks (PANW) came out with earnings on Monday after the close and sold off yesterday at the open before finding support at its 10-day moving average and trading back to the upside, flashing a continuation pocket pivot on very heavy volume in the process.

Zeltiq Aesthetics (ZTQ) came out with earnings last night after the close, and is set to gap up slightly based on pre-open trade at the time of this writing.

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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