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MLR - PMP 1/13/14

The major averages pushed higher on lower volume Friday after an initial sell-off. While the Bureau of Labor Statistic's jobs report revealed that unemployment had dropped to 6.7%, this was more a reflection of the increasing number of jobseekers giving up the search for work. Futures initially dropped on the news then climbed their way back as markets realized that this meant an increased likelihood of quantitative easing continuing for at least the intermediate term if not longer.

The number of distribution days continues to be high but this has been nothing new since QE began in full measure on January 2, 2013. "Dont fight the fed" strongly applies to this highly manipulated market environment as QE puts a floor under how far the market will fall before it finds its footing.

Apple (AAPL) violated its 50-day moving average for the first time since June 2013 as its product pipeline has no killer products, and it faces vastly increased competition in the mobile handset space as open-source Android technology begins to overtake AAPL's protective, closed-source ways.

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