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MLR - Premarket Pulse February 28, 2013

General markets bounced for a second day on lower volume. After much destructive price/volume action in leading stocks and major indices leading to the sell signal on MDM and buy signal on UVXY, a two day bounce is not unwarranted given that the NASDAQ Composite Index found short-term support at its 50-day moving average, a logical area from which a reaction rally can ensue. That said, the UVXY fail-safe of -19% kicked in so the UVXY model is now in cash. UVXY is volatile so a two day bounce can trigger the fail-safe. Alternatively, UVXY will watch for a potential rolling over of the markets in which case it may reinitiate its buy signal as it inversely correlates to the markets. Meanwhile, buying stocks in this environment carries higher risk, so any stocks owned should have stops set tight. And should the market head higher on quantitative easing action, as Bernanke has made clear QE is here to stay, actionable stocks with top fundamentals will show themselves. Keep your watch lists current.

Apple (AAPL) remains a short-sale target as volume increased yesterday and the stock closed lower, looking poised for a downside "breakout" from a small, inverted cup-with-handle formation within its larger head & shoulders-initiated downtrend. A logical upside stop would be the 10-day moving average, currently running through the 53-54 price area. Alexion Pharmaceuticals (ALXN) also remains a short-sale target as it pushes up towards potential resistance at the 90 level, which also serves as a guide for an upside stop. Success on the short side, however, will likely depend on the general market rolling over after its current two-day rally.

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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