MLR - PMP 12/31/14
Major averages closed lower yesterday on mixed but well-below average holiday volume as the NASDAQ Composite posted a distribution day off the peak. Futures are up slightly this morning in anticipation of a quiet New Year's Eve trading session. Oil has yet to show anything close to resembling a price floor, so while quiet trading should be expected today and Friday, don't get complacent if you have positions that are not acting properly.
Over the past few days we have seen virtually no actionable buy signals appearing in leading stocks as most flashed such signals over the last 1-2 weeks as the market turned off the lows of three Tuesdays ago. Most leading stocks that showed strength as the market turned at that time are now pulling back, some into areas of logical resistance, which might provide lower-risk entry points for those pullbacks that are occurring constructively. Otherwise the market is showing some signs of fatigue not unlike that seen at the start of December, and we look forward to whatever opportunities the market has in store as we move into the New Year.
Both of us wish all of you a very Happy New Year and a prosperous and profitable 2015. Salud!
Dr. Chris Kacher
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