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MLR - PMP 5/20/14

Major averages rose yesterday on lower volume. The NASDAQ Composite is inching towards its 50-day moving average while the S&P 500 and some European bourses are less than 1% off their respective all time highs. The markets remain choppy as major indices attempt recovery, spurred by quantitative easing.

Gentherm (THRM) had a pocket pivot coming out of the sideways pattern it formed after it gapped up on strong earnings. Institutional sponsorship has increased 5 quarters in a row, sales are accelerating, earnings are robust, group rank 6.

Biotech Intermune (ITMN) had a pocket pivot which also coincided with a base breakout and buyable gap up. Sales have been accereatling stratospherically, group rank 43.

Illumina (ILMN) had another pocket pivot yesterday as it tries to round out the lows of a new base. The stock had a pocket pivot seven trading days ago that came up and off of its 10-day moving average, and yesterday's pocket pivot occurred as the stock came up above its 50-day moving average.

Stocks that are exhibiting buy signals are the first names to consider on the long side should the market shift into a rally phase. In particular, "roundabout" formations where leading stocks are rounding out the lows of a prior base. In some cases, stocks that appeared to be forming right shoulders within a possible head and shoulders formation can begin to show more constructive action that is consistent with a "roundabout" formation. In this manner a bearish chart formation can morph into a constructive one, and investors need to keep an open mind with respect to properly interpreting the action without being locked into a solely bearish frame of reference.

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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