MLR - PMP 1/13/14
The major averages pushed higher on lower volume Friday after an initial sell-off. While the Bureau of Labor Statistic's jobs report revealed that unemployment had dropped to 6.7%, this was more a reflection of the increasing number of jobseekers giving up the search for work. Futures initially dropped on the news then climbed their way back as markets realized that this meant an increased likelihood of quantitative easing continuing for at least the intermediate term if not longer.
The number of distribution days continues to be high but this has been nothing new since QE began in full measure on January 2, 2013. "Dont fight the fed" strongly applies to this highly manipulated market environment as QE puts a floor under how far the market will fall before it finds its footing.
Apple (AAPL) violated its 50-day moving average for the first time since June 2013 as its product pipeline has no killer products, and it faces vastly increased competition in the mobile handset space as open-source Android technology begins to overtake AAPL's protective, closed-source ways.
This information is provided by Virtue of Selfish Investing, LLC (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, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.