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VoSI Focus List Review for the Week Ended December 8, 2023

The Dow remains the only major market index to sit at higher highs off the late October market low. The NASDAQ Composite and S&P 500 Index remain below the absolute late July highs but on Friday both indexes posted higher highs on a closing basis. The latest Bureau of Labor Statistic jobs report came in at 199,000 new non-farm payrolls vs. expectations of 175,000-191,000. The slight surprise was mostly a function of striking UAW workers getting back on the job in November. Unemployment ticked back down to 3.7% from 3.9%, a surprising reversal given rising unemployment in past cycles, but shows many are seeking multiple income streams to survive. 
Bitcoin ($BTCUSD) remains a force to be reckoned with as it pushes higher, dragging along crypto-related stocks. Last weekend we discussed the pocket pivot in large Bitcoin owner Microstrategy (MSTR) as it sat in a short flag formation. On Monday the stock gapped higher and posted a typical buyable gap-up move on heavy volume.
Big-stock AI Meme names Broadcom (AVGO), Meta Platforms (META) and Nvidia (NVDA), which had triggered various short-sale entries over recent weeks, recovered back above their 20-day exponential moving averages on Friday. AVGO traded the largest volume after reporting earnings on Thursday evening. Initially these can be treated as moving average undercut & rally (MAU&R) type moves where the 20-dema is used as a selling guide. Any reversal back below the 20-dema would bring these back into play as short-sale targets if that occurs, however.
On Friday we reported on a pocket pivot breakout in Arista Networks (ANET) as it emerged from a short ascending flag type of formation. While the volume was not sufficient for a classic O'Neil-style base breakout, a breakout that occurs on a pocket pivot can be valid.
We also reported on potential moving average undercut & rally (MAU&R) moves in gold and silver early on Friday, but these set-ups did not hold up by the close. The SPDR Gold Trust (GLD) was attempting to shakeout along its 20-dema early on Friday but ultimately closed just below the line. The MAU&R could come into play since GLD closed just below the 20-dema and could still recover to trigger another MAU&R which can be watched for.

The iShares Silver Trust (SLV) was attempting an MAU&R set-up at the 200-day moving average early on Friday but that quickly failed as it slashed below the 200-dma and closed just below the 50-dma. If GLD can rally back above its 20-dema then it is possible that SLV could post an MAU&R move at its 50-dma. Silver tends to be much more volatile than gold so its relatively sharp underperformanc3e on a down day for the metals is not surprising.
The Market Direction Model (MDM) remains on a BUY signal.

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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