MLR - PMP 11/1/13

Published : November 1 2013 at 9:28 ET

The major market averages fell on higher volume after rallying earlier in the day on the Chicago Purchasing Managers Index which hit a nine-year high suggesting that the partial government shutdown had no significant economic effect on businesses.

Facebook (FB) had a pocket pivot as it found volume support at its 50-day moving average. It has been a market leader but the question is whether its slowing younger teenage demographic is a serious cause for concern as the younger generation makes up a vibrant force for FB. The strong finish suggests continuation of the uptrend in the book of face.

Fleetcor Technologies (FLT) had a buyable gap-up after a strong earnings report, but stalled during the day to close in the lower half of its daily trading range. Institutional sponsorship has increased in every quarter since the company went public 12 quarters ago. Group rank 33, pretax margin 52%, ROE 29.7%. FLT has obeyed its 50-dma since August 2012.

Gold and silver both sold off yesterday and continue lower this morning while the U.S. dollar rallies, suggesting that the market is discounting a potential QE taper at some point within the next few months.

First Solar (FSLR) is gapping up this morning on a strong earnings report. Should this result in a buyable gap-up move that we feel is actionable a report will be forthcoming later this morning.

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