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MLR - Premarket Pulse January 10, 2013

Mixed volume took all the major market indexes higher, and futures this morning indicate that the a move up and out of the current sideways flag formation that the indexes have formed since January 2 is potentially underway. As we have already identified several actionable buy ideas over recent days, at this point it is a matter of seeing where the trend takes you.

LinkedIn (LNKD) is looking to break out of a cup-with-handle formation this morning on a gap-up move based on pre-open trade. The stock has been holding tight within a three-week handle in anticipation of earnings in early February.

Apple (AAPL) is gapping up about 2% this morning, which may indicate that the "Wyckoffian low" may be in force as yesterday's pullback occurred on the lightest downside volume in the pattern so far. A reflex rally by AAPL, helped along by news this morning of a potential deal to sell the iPhone in China, would be logical within the context of a continued market uptrend - eventually the tide will drag everything along with it.

Regeneron Pharamaceuticals (REGN) has recovered all of Tuesday's gap-down move that took the stock under the 170 price level, briefly, and has in fact moved to a higher-high. This is an example of giving a stock a day or two following a news sell-off to give it time to recover, particularly when the news relates to better-than-expected sales of its flagship drug, Eyelea.

In general we are seeing more breakouts in potential leading stocks as well as a number of constructive bases, such as that seen in LNKD, which adds to the positive tone of the market.

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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