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MLR - PMP 5/23/14

Major averages rose on mixed volume with the NASDAQ Composite closing above its 50-day moving average and the S&P 500 a breath away from all-time highs. That said, volume on the S&P 500 was lower. Nevertheless, we could be at the start of a lackluster QE-manipulated rally as we've seen many times before which creates a new uptrend as the S&P 500 hits new highs while the NASDAQ then catches up with the S&P 500. The former leading biotech group which then got pummeled under its 200-day moving average now rests above it, but is finding resistance at its 50-day moving average.

With a three-day holiday weekend looming ahead, the action will likely remain indecisive as trade slows. Outside of a handful of individual stocks that have been showing concretely constructive action and which we have reported on, such as Illumina (ILMN) and others, most former leading stocks are still deep down in their patterns and are nowhere near even "roundabout" type buy set-ups. Thus if the market's attempt at establishing a new rally phase is to succeed, it may take time in terms of individual stocks setting up in proper buy points. In the meantime, the jury is still out on the market's next clear trend.

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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