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MLR - PMP 7/3/13

The NASDAQ Composite Index churned on heavier volume yesterday but remained above its 50-day moving average, along with the Russell 2000. Meanwhile, the S&P 500 Index continued to churn below its own 50-day moving average in what remains a five-day rally attempt off of last week's lows by all the major market indexes. Futures are down pre-open on negative news out of Egypt, Europe, and China, but trade will likely slow on a short trading day going into tomorrow's Fourth of July holiday.

The daily chart of Celgene (CELG) shows a small head and shoulders formation with the stock pushing up into its 50-day moving average on below-average volume. Given that the market continues to rally on an oversold bounce from last Monday's lows without a follow-through day, the potential for a rally failure still exists. Should this occur, we might expect CELG to find resistance around current price levels and roll over with the market. A strong push through the 50-day moving average of 3-5% would be your maximum upside stop.

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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