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MLR - PMP 6/26/14

Major averages rose yesterday on lower volume though leading stocks performed well. With interest rates so low with QE on full bore, commodities and precious metals seem to have put in important recent lows, with commodities and gold having bottomed early this year. Uptrends appear to be intact across various industries. The fact that no follow-through was seen after Tuesday's downside reversal on higher volume in the indexes is constructive and shows that one day's action is not necessarily a harbinger of death and destruction for the market.

Online food takeout services Grub Hub (GRUB) had a pocket pivot yesterday. As it turned out, before reaching the required 505,700 shares of volume required for a pocket pivot, it headed lower on big volume, falling below Monday's closing price, after which it then exceeded 505,700 shares. The wild gyrations were caused by news that Amazon.com (AMZN) intends to enter the same business as GRUB. Naturally, one should avoid any stock that is selling off on big volume. While it finished midbar at a near breakeven close, caution should be taken if one is still thinking of buying a position since pocket pivots should ideally close in the upper third, unless the general market was appreciably weak. Yesterday's market was relatively strong.

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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