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MLR - Premarket Pulse November 14, 2012

Despite alllegedly "promising" meetings yesterday on the "fiscal cliff," the Obama Administration continues to beat the war drum as it pushes for tax increases of $1.6 trillion. As the U.S. government plays a game of chicken and the Administration takes a hard line, markets responded yesterday by reversing hard on heavier volume with the NASDAQ getting hit the hardest. The S&P 500 reversed back down through its 200-day moving average. The major averages have not been able to muster a bounce so some sort of capitulation may be necessary before we see a substantial bounce materialize. The market remains in a downtrend and our Market Direction Model remains on a sell signal. Investors should shun the long side of this market.

We continue to monitor the precious metals ETFs as they attempt to consolidate their respective bounces off of their respective 200-day moving averages. We are looking for some sort of pocket pivot buy point to develop here along the 10-day moving average where the SPDR Gold Shares (GLD) and the iShares Silver Trust (SLV) are currenlty holding up. We advise remaining patient here as any continued sell-off in stocks could easily drag the precious metals down with them if a rush to liquidity ensues.

After the close, CSCO had a strong earnings report, causing the stock to gap up 7% and sent NASDAQ futures higher by a similar amount. With futures looking to gap higher at the open, shorting opportunities abound.

Apple (AAPL) reversed off the 550 price level yesterday while Google (GOOG) could not get above the 670 level before turning tail and closing below 660. Baidu (BIDU) continued its downside breakout as it pierced the critical $100 price level for the first time in many, many months. We believe BIDU has likely topped and will continue to move lower, reaction rallies notwithstanding.

Trip Advisor (TRIP) held up yesterday but we continue to view any rally up towards the 200-day line as shortable, using that line as a guide for an upside stop per our comments in yesterday's missive.

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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