Off your game?
Read our free, updated as of Mar 3, 2022, Dr K report on how to optimize your mind and body so you can boost your focus when trading the markets.
Meet Dr K !
Chris Kacher
  • Nuclear physicist
  • Stock & crypto market wizard
  • Blockchain builder
  • Bestselling author
  • Top 40 charted musician
  • Biohacker
  • Former computer hacker
Your email will always remain private.

MLR - PMP 8/30/13

The major market averages closed up in tentative fashion on lower volume with the S&P 500 lagging the NASDAQ Composite. A Western strike against Syria could take place this weekend, but history shows that first strikes can be bullish for the market triggering relief rallies. Yesterday the United Kingdom voted against taking such action, while in the U.S. public support for such a strike is very low.

GDP came in ahead of expectations which prompted an initial selloff in the major markets. Evidence that the economy is turning a corner increase the odds that the Federal Reserve will scale back bond purchases sooner than later. Markets then turned back up as a tug-o-war ensues between an improving economy which is good for stocks and tapering which is bad for stocks.

Yelp (YELP) had a pocket pivot yesterday as it attempts to move out of a high, tight flag formatoin. It gapped up on a strong earnings report in July then hit its sell stop as it moved more than a 2-3 percent below the intra-day low of its gap-up day, but since then has stabilized and set up again in a base from which it is currently trying to move higher.

Stocks to keep an eye on include YELP, Yandex (YNDX), which is finding support at its 50-day/10-week moving average, Alexion Pharmaceutcals (ALXN), also finding support at its 50-day moving average, Celgene (CELG), which appears to be showing very subtle pocket pivots along its 50-day moving average, and Splunk (SPLK), which is set to gap up this morning following a strong earnings report yesterday. As any of these become more definitively actionable, we will issue reports as necessary. Futures are a bit tentative this morning, and the market does remain in a sloppy sideways correction, so caution continues to be warranted on the long side.

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.
Copyright ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing.
All Rights Reserved.
privacy policy