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MLR - PMP 6/24/14

Major averages finished once again near break-even levels. These tight closes can be viewed as constructive within the context of a continuing and plentiful stream of logical buy points being issued by leading stocks over the last few weeks. As well, some leading stocks have issued more than one buy signal as they have moved higher over the past several weeks.

For example, Tesla Motors (TSLA) resumed its ascent on a pocket pivot volume signature but is a bit extended from its 10-day moving average. That said, it is an industry leader with huge potential and so could continue its powerful uptrend. Yesterday's action comes on the heels of a pocket pivot buy point two Mondays ago as the stock came up and off of its 50-day moving average.

Baidu (BIDU) and and Gogo GOGO had pocket pivots yesterday, but certain caveats may apply.

BIDU's days of fast ascent not seen since 2011 are perhaps gone as the company's market cap is at $62 billion, and present and future earnings out to 4 quarters are lackluster at best. On the other hand, if it can marshall its huge audience with innovative applications, it can perhaps resume its steep ascent. BIDU is estimated to make $4.89 in 2014 while estimates call for $11.46 in annual earnings by 2017, so some argument can be made for longer-term growth potential. For the last two quarters, sales are over 50% quarter of quarter, ROE 34.2%, pretax margin 39.7%.

GOGO is emerging from a flat 3-week base, but is heading into up into its 200-day moving average after gapping down in late April. Earnings have also been trending lower. The risk here outside of a quick swing trade is high.

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