The major market averages finished mixed yesterday on lower volume. A number of biotech stocks got hit although this is not surprising given how far some have risen. However, big-stock bio-techs Celgene (CELG), which has not participated in the market's rally since January has now violated its 50-day moving average while Gilead Sciences (GILD) has failed on a recent breakout attempt and rolled over to test its 50-day moving average yesterday. Both stocks sold off on heavy volume, GILD allegedly on news of a convertible bond-offering pricing and CELG on no discernible news. The bull market may be getting long in the tooth but the environment is unprecedented with quantitative easing continuing on near full blast, so it is best to focus on price/volume action of major indices and leading stocks instead of trying to predict a major top based on something wholly unreliable such as the age of the bull market or solely on the short-term action of the indexes.
Futures are swinging around but are up at the time of this writing after this morning's Bureau of Labor Statistics monthly jobs number "massaging," with 175,000 non-farm payrolls reported vs. expectations of 163,000. For the most part, the jobs number appears to be a non-event.
Solar stock Trina Solar (TSL) had a pocket pivot/breakout yesterday on strong volume. Earnings and sales are accelerating strongly, group rank is #1.
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.
