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 November 29, 2012

After a sharp sell-off in the morning, the major market indexes staged an outside reversal day and turned higher once it seemed more likely that a "Fiscal Cliff" budget agreement would be reached. The S&P 500 and NASDAQ Composite Indexes finished at the peak of their respective trading ranges as the NASDAQ Composite was able to regain and close above its 200-day moving average though on slightly lower volume while the the S&P 500 found support at its 200-day moving average earlier in the day and closed up on higher volume. The market looks to continue higher as futures are trading up about 0.6% as of this writing and European bourses are up almost 1%.

SPDR Gold Shares (GLD) and the iShares Silver Trust (SLV) gapped down at the open due to fiscal cliff concerns then rallied back with the general markets as fiscal cliff danger faded. The SLV was the only one of the two to regain its 50-day moving average, and currently appears to be the stronger of the two precious metals ETFs. While yesterday's action did not precisely qualify as a pocket pivot buy point for the SLV, it did show some strong volume support on the gap-down move in the precious metals, which were allegedly caused by a gold futures contract rollover somehow turning into an outright sell pre-open, causing the GLD and SLV to gap down below their 50-day moving averages.

Apple (AAPL) managed to close at the top end of its range and closed down on the day, though on lower volume, while remaining under its 200-day moving average. The stock appears poised to make another run at the 200-day line, currently running between 599 and 600. Priceline.com (PCLN) broke out of its recent price range under its 200-day moving average, providing some constructive action among big-stock NASDAQ names, including Google (GOOG) which has been able to move back up further towards its 50-day moving average after finding support at the 200-day line two Fridays ago. All three big-stock NASDAQ names could have room to move higher within their overall chart patterns in a continued market rally.

Commvault Systems (CVLT) made new highs after its most recent pocket pivot on 11/26 per our report of that day (see https://www.virtueofselfishinvesting.com/pocket-pivot for complete information on pocket pivots). CVLT is poised to push for the 70 price level this morning based on pre-open trade.

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