MLR - PMP 8/28/14

Published : August 28 2014 at 9:12 ET

Major averages finished roughly flat, trading in a narrow range all day on lower late summer, pre-holiday volume. The NASDAQ Composite has come a long way since its lows of 1108 in the year 2002, and is now within striking distance of its all time high of 5132. With QE at the helm, this is achievable. Futures are down this morning on renewed fears of escalation in the Ukraine, but investors might observe that the drop in futures is not as deep as it has been on prior occurrences of this type of news. Generally, unless the news has far more deleterious consequences, a particular type of news will have less and less impact on the market. That said, given the indexes' sharp move up off the early August lows, the market is entitled to a little backing and filling here as it consolidates prior gains. Look for constructive action as confirmation of this.

Cloud networking hard and software provider and recent IPO Arista Networks (ANET) broke out of a base on a pocket pivot move yesterday. Earnings and sales are soaring, ROE is an outstanding 95.8%.

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