MLR - PMP 2/17/15
Major averages rose on lower volume ahead of the 3-day weekend but managed to break through resistance. The S&P 500 closed at all time-highs and the NASDAQ Composite closed at multi-year highs. Other bullish signs include the price of oil which may have found at least a temporary low, bellwether AAPL closing at new all-time highs, and the NYSE advance-decline line turning positive. But the bearish backdrop remains intact as the euro's days are numbered, issues in Greece are ongoing, and the economic slowdown in China shows no signs of reversing as of yet. Indeed, the global recession remains intact but so does quantitative easing which has helped push markets into their 7th "bullish" year.
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