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MLR - PMP 8/16/13

Major averages took big hits on higher volume. Given the number of distribution days in the major averages, repeated signals from the Hindenburg Omen described here: http://en.wikipedia.org/wiki/Hindenburg_Omen, and deteriorating leadership, the Market Direction Model is on the verge of switching to a sell signal. The S&P 500 sits just above its 50-day moving average which could result in a dead cat bounce.

Supercaps Walmart (WMT) and Cisco Sysems (CSCO) gapped lower on disappointing earnings news, and a number of leaders have done about faces including Vipshop (VIPS), Exone (XONE), Yy (YY), Lightinthebox (LITB), Yelp (YELP), and Cree (CREE).

Key buyable gap-ups are also failing, including Tesla Motors (TSLA), which failed on Monday. If you own LinkedIn (LNKD), it undercut the low of its buyable gap up (BGU) day after the fifth day so should be sold if you are using the BGU 6-day rule.

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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