MLR - PMP 7/10/13
Major averages were up on mixed volume. The NASDAQ Composite closed at a new 12-year-plus high yesterday on the heels of the Russell 2000 making a new closing high last Friday. While volumes have been on the lower side, quantitative easing has been known to push markets higher into uptrends on low volume.
3-D printing stocks such as Three-D Systems (DDD), Stratasys (SSYS), and Exone Company (XONE); alternative energy stocks such as Solar City (SCTY) and Sunpower (SPWR); leading edge electric car maker Tesla Motors (TSLA); and big-stock internet names like Google (GOOG), Amazon.com (AMZN), and Priceline.com (PCLN) continue to lead the way.
The Fed releases the minutes from its prior policy meeting today at 11:00 a.m. Pacific, 2:00 p.m. Eastern, and markets will be looking for further clarification regarding the tapering of QE, thus the minutes may have the potential to move the markets one way or the other.
That said, given the action of major indices and leading stocks, the Market Direction Model is likely switch to a buy signal assuming positive action continues.
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