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MLR - PMP 1/8/15

The major market averages finally bounced yesterday on lower volume though a number of leading stocks bounced nicely. The December lows at 1972 on the S&P 500 and 4547 on the NASDAQ Composite provided reasonable reference points for a possible undercut or at least a "Wyckoffian retest" where the indexes approach the lows but volume is not sufficient to drive them below the December lows. The put/call spiked for the second time in weeks, the first occurring near the market lows on Decembber 16. U.S. futures are currently higher by about 1% as the bounce is set to continue.

Medical research company Illumina (ILMN) had a pocket pivot yesterday. Earnings and sales accelerating, pretax margin 25.1%, group rank 59.

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