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MLR - PMP 1/21/14

The major market averages finished lower on higher volume due to options expiration but this still counts as another distribution day. Nevertheless, a high distribution day count does not seem to phase the markets as a high count has happened a number of times since January 2, 2013, the day quantitative easing was set to full blast, yet despite this, the major averages have corrected no more than roughly 5% since that date. We note from our studies that since January 2, 2013, a high distribution day count has not implied that the market will correct. It is more important to take QE into context, thus allow markets a bit more flexibility for such minor corrections while keeping a close watch on your stocks which can correct far more when the market exhibits minor weakness.

Intel (INTC) gapped lower Friday on a disappointing earnings report that included weak sales projections, adding to the weakness in the NASDAQ, but Visa (V) and American Express (AMX) were up strongly on a favorable earnings report by AMX. V had a pocket pivot but keep in mind this is a super-cap stock which has a slow, steady uptrend that routinely violates its 50 day moving average.

In addition to biotech ILMN on which we reported previously, Biogen Idec (BIIB) is trading above the $300 century mark this morning pre-open as it tries to follow through on its recent breakout attempt.

Amazon.com (AMZN) is still hovering about its $400 century mark and this morning is looking like it is set to open up above that level. We note that AMZN has shown very tight action in its weekly pattern with supporting action off the 10-week line last week. Friday's action also constituted a pocket pivot buy point. AMZN is expected to announce its biggest quarterly earnings gain in a decade with analysts looking for 214% earnings growth on a hard number of 66 cents a share, reversing the pattern of losses or negative earnings growth that has characterized the company's quarterly earnings reports for the past 11 quarters.

Futures are up strongly this morning, and Google (GOOG) today had its price target raised to $1450 by Credit Suisse. It is currently up 0.7% from Friday's closing price in the premarket. 

On an administrative note we are pleased to announce that we are bringing back the Follow the Stock service featuring the infamous "Portfolio Simulator Dude," so members should keep an eye out for new FTS alerts coming their way as appropriate.

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