MLR - PMP 12/18/1
Major averages tip toed lower on mixed volume. Leading stocks continue to sputter as the major averages have been caught sideways for more than two weeks. The Federal Reserve's two-day meeting comes to a close today where they will give guidance on quantitative easing-related matters. It is probably they will keep to the status quo, and any mention of the possibility of tapering in the coming months will most likely be a ceremonial type of tapering as opposed to something more aggressive, given the levels of unemployment, especially when including those who have given up looking for work
Solar stock Solar City (SCTY) had a pocket pivot yesterday as it bounced slightly off of its 50-day moving average. Sales are still accelerating, and despite several names in the group correcting and base-building over the past several weeks, the group is still ranked #1 among all industry groups. If SCTY is going to be able to recover and move higher above its 50-day line, members should also keep an eye on other members of the group, including CSIQ, SPWR, and FSLR as potential confirmation
Wisdomtree Investments (WETF) had a pocket pivot yesterday. Sales and earnings are soaring, institutional sponsorship has grown for three quarters in a row, and the company has a strong ROE of 38.5%. WETF provides asset management services for exchange-traded funds in the U.S. to various financial entities.
Yelp (YELP) had a pocket pivot yesterday coming up through its 50-day moving average as it attempts to round out the bottom of what is so far a nine-week base.
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