MLR - PMP 5/2/14

Published : May 2 2014 at 8:39 ET

Major averages finished even to mildly higher on mixed volume. Leading stocks continue to falter with poor price/volume structures overall. The few breakouts are occurring in lagging, slower names, not the sign of a healthy bull market. That said, quantitative easing could push general markets higher as they have had a tendency to baby step higher after corrections. The UVXY which captured a quick gain on its last sell signal is once again switching to a sell signal. The MDM, meanwhile, remains also on a sell as it is designed to capture longer term trends, and at present, the price/volume action in major indices and leading stocks is still bearish.

This morning's jobs number came in at 288,000 new non-farm payrolls vs. expectations of 203,000 with the unemployment rate dropping to 6.3%, thanks in large part to the largest monthly decline in the labor force ever recorded. Futures initially rallied but at the time of this writing are softening a bit as the "strong" jobs report may be seen as justification for the Fed to continue tapering the taper, so to speak. It remains to be seen how the day pans out, so investors should allow events to unfold as they will.

This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.