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PPR - Pocket Pivots in Real-Time: GMCR

GMCR may be en route to a pocket pivot today if it can manage to close up reasonably well on the day. For now, at least, the volume meets a proper pocket pivot volume signature, but keep in mind that this is likely and mostly due to the stock being added to the NASDAQ 100. That said, the technical positionof the stock within a three-weeks-tight formation is a positive on an objective basis, and even if one were to decide to inititate or add to a position in GMCR on the basis of any potential pocket pivot in the stock today, an easy "out" point is a simple breach of the 10-dma. One could also apply a more technically strict standard and require an actual violation of the 10-day moving average first as a selling guide.

Today's action in the market also warrants that investors act with caution when making any new or additional buys in stocks that are otherwise acting well, so keep your risk management in mind given today's action in the major market indexes with a gap-down open. However, volume on the NYSE is running lower currently mid-day while NASDAQ volume is running just a couple of percent higher compared to Friday, and Friday's NASDAQ volume was well below-average and even lighter considering that Friday was an options expiration day.

Understanding that QE2 is still in force, it is probably not a good idea to try and get aggressive on the short side here, although any inverse ETF or short positions that were already held coming into today could likely continue to be held.

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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