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MLR - PMP 4/25/14

Major markets finished higher on higher volume. An early morning sell off in the major averages was due to nervousness surrounding the Ukraine. The market then shrugged off the news and moved higher from there as favorable earnings from Apple (AAPL) helped the NASDAQ outperform the S&P 500 as AAPL weighs in at 12% of the NASDAQ-100 index. MSFT which is the second highest weighted stock in the NASDAQ-100 at 8%, jumped 3% in after-hours trading on a strong earnings report.

The S&P 500 and European bourses are a breath away from hitting new highs. This would qualify as a de facto resumption of the uptrend should it occur, but the last time the S&P 500 made a marginal new high it turned out to be nothing more than a bull trap. Action in leading stocks remains mute with only a couple of exceptions, and yesterday's rise was labored by poor breadth. Facebook's (FB) failed gap-up and reversal yesterday was typical of the pattern seen in several former leading stocks following earnings-related rallies, such as Netflix (NFLX), for example, which has also reversed and is now testing its 200-day moving average after gapping up on a "positive" earnings report on Monday.

Synaptics (SYNA) gapped up about 8% and Baidu (BIDU) have gapped up about 6% in after hours trading yesterday, both on strong earnings. Neither qualifies as a buyable gap up, however, due to lower earnings in SYNA in its most recently reported quarter, and BIDU's relatively erratic and sloppy price/volume action that led up to today's gap up. We will see whether they simply follow the pattern set by other former leaders that have gapped up following earnings. So far Amazon.com (AMZN) is following this pattern after gapping up to around 355 yesterday after its earnings report, but this morning the stock is trading at around the 320 level at the time of this writing.

Natural gas carrier operator Gaslog (GLOG) just barely traded enough volume for a pocket pivot. Earnings and sales have been skyrocketing, pretax margin 24.5%, group rank 35.

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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