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MLR - PMP 7/16/13

Major averages were up fractionally on lower volume, continuing their uptrend. The S&P 500 inched up to another new closing high for its eighth straight up day, marking its longest winning streak since January.

In economic news, growth for the world's second-largest economy, China, slowed to 7.5% in the second quarter, down from 7.7% growth in the first quarter. In the U.S., retail sales rose 0.4% in June, or less than half of expectations. Slow growth means the Fed is more than likely to keep quantitative easing flowing at full tilt for a longer period.

Vipshop Holdings (VIPS), after a sharp double bottom, had a pocket pivot in yesterday's trade as it cleared its 50-day moving average as it approaches a potential breakout from a narrow double-bottom formation. Volatility in the stock has increased after its prior top so investors should so position size accordingly. On the positive side, VIPS has a lot of upside momentum, earnings and sales are skyrocketing, its group rank is strong at #16, and institutional sponsorship has grown since the company went public 5 quarters ago.

Acadia Pharmaceuticals (ACAD) broke out on a pocket move to new highs. The high volume on May 28 is exaggerated due to Russell Index rebalancing so can be adjusted. Keep in mind this is a smaller-cap biotech name with no earnings and scant sales so position size accordingly.

The solar stocks remain strong as the #1 industry group. First Solar (FSLR) appears to be trying to round out the lows of a new base as it cleared its 50-day moving average with a pocket pivot buy point. Institutional sponsorship has increased over the last 3 quarters. The price/volume action leading up to today's pocket pivot is somewhat defective, so the stock may need to back and fill for a bit before going higher, but we would expect it to hold above the 50-day moving average.

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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