MLR - PMP 10/30/13

Published : October 30 2013 at 9:37 ET

Major averages rose on higher volume yesterday. Economic news as of late has been weaker than expected as headline retail sales and consumer confidence dropped, and the September employment report showed payrolls added were well under expectations. Thus the Fed is expected to keep its $85 billion-a-month bond-buying program in place when it announces its policy statement later today.

Tesla (TSLA) violated its 50-day moving average for the first time since it began its uptrend in April but managed to close up on the day on reasonably strong volume. Assuming one sold, it is best to wait for the next pivot buy point after constructive price/volume action though the ugly duckling theory seems to apply here where the "prettiest" stocks shake everyone out, then rally back.

LinkedIn (LNKD) went volatile in the aftermarket after it reported earnings, finishing down 3% from its Tuesday's close. Results beat forecasts and reported Q3 results above views but LNKD gave a lackluster outlook for Q4 sales.

Investors should keep an eye on the SPDR Gold Shares (GLD) and iShares Silver Trust (SLV) in the event that confirmation today by the Fed of continued QE easy money policy causes an actionable buy point in the form of a pocket pivot as both precious metals ETFs track along their 50-day moving averages.

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