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MLR - Premarket Pulse February 20, 2013

General markets were up on lower volume though all major indices made higher-highs in a continued rally phase. While the market has baby-stepped higher on mixed volume for the past six weeks, no appreciable signs of weakness have been forthcoming. Thus in the absence of evidence to the contrary, the trend remains to the upside.

Google (GOOG) which accounts for nearly 5% of the NASDAQ 100 Index, crossed the 800 price level in above average volume. Michael Kors (KORS) moved higher but then reported yet another secondary offering after the close, sending the stock lower. While such a price move lower is typical for secondary announcements and not a negative, this is the third time KORS has done this as the stock has moved to new highs, sparking speculation that insiders are working to cash out.

In economic news, the National Association of Home Builders said its housing market index slipped this month, below expectations. Home-building stocks across the board pulled back to retest their 50-day moving averages in most cases with the exception of D.R. Horton (DHI), which remains well above the intra-day low of its buyable gap-up day on January 29th.

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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