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MLR - Premarket Pulse November 21, 2012

The market is currently in a three-day wedging rally attempt off the intra-day lows of last Friday that has seen volume decline each day of the rally. Today marks the potential fourth day of the rally attempt and so the market is in position to stage a potential follow-through day. However, with the Thanksgiving holiday looming tomorrow, and a half-day of trading on Friday, it is not likely that volume levels will increase appreciably, if at all. This could, however, set up a situation where relative volume over the holiday becomes very easy to surpass next week, which could set up a follow-through. We would remain somewhat skeptical about the staying power of any such follow-through given the state of the market leadership currently.

For the most part, the rally over the past three days has steemed from an extreme oversold condition after the market essentially went "parabolic" to the downside last week. Investors should remain cautious on the long side, while the short side of the market may have its second "leg" should the current rally give way. Otherwise the situation remains fluid and members should stay tuned for further developments as fresh evidence presents itself. We expect, however, that the action may remain quiet over the next two days.

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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