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MLR - PMP 5/31/13

Major averages were up on lower volume. Economic numbers released yesterday, which included Initial jobless claims, the revised first-quarter GDP, and pending home sales, were all weaker than expected. While this would normally be bad for the market, economic weakness means the Federal Reserve is more likely to keep the quantitative easing spigot on full. So for now, bad news is good news for QE, and this was reflected in the sharp move by gold back above the $1400 price level. Stock futures are down this morning pre-open, but have recovered somewhat off of their overnight lows. The Market Direction Model remains in a neutral signal given that, from a strict technical standpoint, the indexes have not broken down in any meaningful way as they remain within 1% of their recent highs.

Despite the market's uneven action, some strength was evident in a select number of leading stocks. 3-D printing company Three D Systems (DDD) just barely hit the required volume for a pocket pivot, less than a minute before the closing bell. We have reported on DDD in prior reports. Institutional sponsorship has increased last 5 quarters. Caveats: earnings and sales have slowed. DDD also tends to routinely violate its 50-day moving average.

Pharmacyclics (PCYC) also had a pocket pivot buy point coming up off of its 10-day moving average. This comes on the heels of last week's "bottom-fishing" pocket pivot off the 50-day moving average as we reported on that day, May 23.

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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