MLR - PMP 9/27/13

Published : September 27 2013 at 9:02 ET

The major market averages managed to close positive yesterday, but did so on lighter volume. The NASDAQ Composite remains with an eyelash of its prior September high, but the S&P 500 is bouncing feebly after closing lower for five days in a row. Churning and intra-day volatility have been the earmark of the market's action over the past week. Accumulation days where the market rises on higher volume have been scarce, but the Fed's green light on continued levels of quantitative easing, easing tensions in Syria, and Janet Yellen as QE-friendly frontrunner to replace Bernanke have all served to push the market higher though in perhaps volume-reluctant fashion.

That could be a sign that the unemployment rate remains a big issue and thus not all is well on the economic road to recovery. Nevertheless, QE continues to step the market higher this year.

Pharmacyclics (PCYC) had a buyable gap up on an analyst upgrade. It traded enough volume for a pocket pivot as well. It has been a biotech leader though can be a choppy trader so position size with care. We have reported on PCYC before including its most recent pocket pivot on September 3.

With a potential U.S. government shut-down looming ahead on Monday, investors should expect some volatility heading into the weekend.

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