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MLR - PMP 1/31/14

The major market averages were up on lower volume after both the NASDAQ Composite and the S&P 500 Indexes bounced off of key support levels. Futures are trading lower pre-openas fears of deflation in the euro zone rise triggering speculation that the European Central Bank may cut interest rates or use nonconventional policy measures. This implies more forms of quantitative easing ahead for the ECB. QE has served to create support for the markets since January 2, 2013, with corrections contained to within 5-6%. With today's gap lower, the market is nearing these levels.

Amazon.com (AMZN) had a pocket pivot just before it reports earnings. As we said yesterday, this is no guarantee of the stock gapping higher. As things turned out, its earnings report was disappointing causing AMZN to gap down about 10% in premarket trading as of this writing. AMZN could develop into a late-stage failed-base short-sale set-up.

Alexion Pharmaceuticasl (ALXN) had a buyable gap-up yesterday after a strong earnings report. Group rank 2, pretax margin 39.5%, ROE 27.4%, accelerating earnings and sales.

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