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MLR - PMP 9/6/13

This morning's jobs number provided investors with a mixed message as the unemployment rate fell to 7.3%, but new non-farm private payrolls came in at 152,000 vs. expectations of 180,000. Futures are rallying as a result at the time of this writing. The major market indexes look to continue moving higher after the lows of last week. Yesterday's action saw the averages inch up on lower volume which would be expected due to the Jewish holiday and upcoming employment report.

Regardless of the market's initial reaction to the number, the fact remains that underneath the surface of the market constructive action has been percolating steadily as we have seen a large number of pocket pivot buy points emerge over recent days, and members can reference these in the VoSI reports archive section for more details.

Some of the more notable areas of strength include LinkedIn (LNKD) which had a large-volume pocket pivot move up through its 10-day moving average after pricing a 5.38 million share secondary at a surprising 223, over 10% from where the stock closed yesterday after reacting quite positively to the secondary pricing.

This morning Infoblox (BLOX) is set to gap-up following its earnings announcement after-hours yesterday, and we will issue a report on this as a potential buyable gap-up once we see how this develops after the market opens. This gap-up reminds us a bit of Splunk (SPLK) which gapped up last Friday and has held up very tightly near the highs of the gap-up day's price range.

We also note that Tesla Motors (TSLA) continues to hold tight after breaking out of an ascending base last week as it came up through the 160 area, and we would not be surprised to see the stock continue to confound the shorts and naysayers by moving higher as a "big stock" leader in this market similar to Netflix (NFLX), LinkedIn (LNKD) and Facebook (FB).

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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