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MLR - PMP 7/17/13

Major averages were down fractionally yesterday on higher volume breaking eight day winning streaks for all of the major indexes. A number of stocks got hit hard though after having big gains over the last several day to several weeks, so in many cases these were not particularly unexpected. Kansas City Fed President Esther George urged slowing the Federal Reserve's bond-buying program "sometime in the first half of next year," reports said. If that were to happen, that would still leave a minimum of 6 months of quantitative easing at its current torrid pace. The uptrend thus seems intact.

In economic news, the National Association of Home Builders/Wells Fargo builder sentiment index rose to the highest level since January 2006. Strength in the economy is good on the one hand, but bad on the other in that the Fed may slow QE sooner than expected.

Tesla Motors (TSLA) sold off on high volume after Goldman Sachs set a new price target on TSLA to 84, up from 61, but a far cry away from where it was trading well above 100. Goldman's best case for TSLA sees it getting 3.5% global market share with sales of 200,000 vehicles which would put shares at $113. That said, fair valuations often go out the window when it comes to hot stocks with huge momentum, so should TSLA continue to exceed expectations, it could still end up spending some time forming a new base and then break out again as has occurred with so many leading stocks in the past. For now, however, the upside momentum in the stock has been capped as an earnings surprise is likely already baked into the cake.

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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