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MLR - PMP 10/21/14

Major averages headed higher yesterday on lower volume with the NASDAQ Composite poking through its 200-day moving average and the S&P 500 closing just a hair under its 200-day moving average. MDM favorably switched signals last week then again yesterday but could switch again if volatility remains elevated. That said, futures are currently up nearly 1% due to favorable QE news out of Europe that the European Central Bank is considering boosting its quantitative easing (QE) program by buying corporate bonds to further stimulate the eurozone’s ailing economy. According to analysts, the ECB could decide on the purchases as soon as December, and the first purchases could occur in early 2015.

The boost in US premarket futures would further reduce the current levels of volatility, and put both the S&P 500 and NASDAQ Composite squarely above their respective 200dmas.

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