MLR - PMP 1/12/15
Major market averages fell Friday on lower volume as they pulled back to their 50-day moving averages, potentially digesting sharp gains made over the prior two days. Oil and other commodities continue their precipitous fall. Goldman Sachs revised their outlook for the price of oil down to $46 a barrel for the current quarter. Russia recently expressed economic hardship due to the plummeting price of oil begging the question whether another shoe will drop as other countries could express similar troubles. Should the major markets start to tumble, the Fed will most likely step in an announce some form of QE4 as they dont want the markets to undo all of their "hard" work since 2009 as the global economy is extremely fragile.
We had another buyable gap up and pocket pivot on Friday further adding to the growing list of actionable names in recent days.
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