Off your game?
Read our free, updated as of Mar 3, 2022, Dr K report on how to optimize your mind and body so you can boost your focus when trading the markets.
Meet Dr K !
Chris Kacher
  • Nuclear physicist
  • Stock & crypto market wizard
  • Blockchain builder
  • Bestselling author
  • Top 40 charted musician
  • Biohacker
  • Former computer hacker
Your email will always remain private.

MLR - Premarket Pulse May 29, 2013

The major market averages gapped up sharply yesterday at the open on higher volume, an easy accomplishment given that volume on Friday was low due to the long holiday weekend. That said, after gapping nearly 1%on the open and then moving higher, major averages closed mid-range, giving the action the look of stalling on higher volume. The market is not entirely out of the woods following last Wednesday's huge-volume outside reversal day as many leading stocks gave up most of their gains or, in some cases, reversed outright. This morning the futures confirm that weakness as the market is set to gap down this morning at the time of this writing.

Tesla Motors (TSLA) remained a bright spot as it rallied over 10%, cruising through the $100 price level to close above $110. As we discussed yesterday, TSLA was buyable on the basis of Jesse Livermore's "Century Mark" rule and the stock did follow through with strong additional gains.

Haverty Furniture (HVT) had a pocket pivot off of its 10dma. Earnings and sales have accelerated strongly, and institutional sponsorship has increased 6 quarters in a row. It's group rank is #49, which puts it in the top 25%. HVT is extremely thin, and normally we avoid stocks that are too thin. With the recent increase in slope of the general market uptrend, small caps have become increasingly more favored as risk appetite increases. Some funds are small and micro cap oriented so are able to take positions in stocks such as HVT. That said, we normally focus on stocks with average daily dollar volumes of at least $10 mil in such environments. The orderliness of HVT's price/volume action in that it has yet to violate its 50-day moving average since its uptrend began in August 2012, along with its fundamentals, tips it over onto the actionable list, despite it being very thin.

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.
Copyright ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing.
All Rights Reserved.
privacy policy