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MLR - PMP 8/7/14

After attempting to claw their way back throughout the day yesterday, the major market averages finished about break even on lower volume. A number of leading stocks have managed to buck market weakness including TSLA and PCRX both on which we reported recently when both had pocket pivots after strong earnings reports, AAPL, YY which we reported on July 25, and REGN and ANET on which we reported both on July 30.

A number of other leaders, however, are struggling, so while the market may find its footing with the help of QE sooner than later, we continue to monitor selling pressure which has put the major averages under their respective 50-day moving average and 200-day moving average lines.

In non-QE markets, this would be an indication of more downside to come, but QE helps major indices such as S&P 500 find their lows within 6% since January 2013. Nevertheless, the market lives to surprise and signs show a tired bull with QE growing long in the tooth. Of course, the market could deliver two surprises: a nastier than expected downside correction then resumption of this bull market which goes far longer than anyone's guess. Regardless, it's important not to get wedded to either a bullish or bearish mindset but maintain fluidity and flexibility as the market provides new information in real-time.

The S&P 500 currently sits 3.6% under its all time high.

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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