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MLR - PMP 6/4/13

The major market indexes bounced back from Friday's sell-off in mixed volume, with the NASDAQ trading higher volume on the day while the NYSE-based indexes, which rallied considerably more, saw a decrease in volume compared to Friday. However, some divergence was evident as declining stocks exceeded advancing stocks on the NYSE by a margin of about 17 to 14 and many leading stocks were hit hard yesterday, including the bio-techs. A weak PMI of 49.0, implying contraction, again put the market in the position of anticipating a continuation of QE. Given that the market has proven itself to be highly dependent on the continuation of QE, economic news of the day may continue to lead to cathartic volatility as the market responds to this idea of QE "on again-off again."

Very little occurred yesterday in the way of actionable buy points, adding to the sense of weak internals despite the strong index rally. However, Ocwen Financial (OCN) was able to muster a pocket pivot buy point as it has pulled back to top of its prior base and its recent breakout point in the low 40's.

Three-D stocks took a sharp hit, with Three D Systems (DDD) finding support at its 20-day moving average while Stratasys (SSYS) has broken down much harder, but was able to roughly hold its 50-day moving average yesterday as both stocks' recent breakouts to new highs have faltered. This type of action, however, is typical of many leading stocks as breakouts falter or lead to very little in the way of upside follow-through. In our view caution continues to be warranted as the market works through its current correction/consolidation.

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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