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MLR - PMP 1/22/15

Major averages except for the small cap risk-on Russell 2000 moved higher but on lower volume implying doubt from big monied institutions about this rally having legs. This morning the European Central Bank announced a 60 billion Euro per month expansion of its current QE program, which could help push major averages up into their respective 50-day moving averages which could serve as resistance. But so far, Euro-QE has done little to help push European markets higher as most of these markets topped in June 2014 and have since been heading lower into bear market territory with the UK market off more than 20% and the European markets off roughly about 15%. Meanwhile, China announced an $8 billion stimulus injection into its financial system after the country showed the slowest economic growth in two decades last week.

Futures are up sharply on the ECB announcement.

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