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MLR - PMP 10/23/14

Major averages finished lower yesterday on near breakeven though slightly lower volume ending their 4-day straight-up-from-bottom win streak. Expect some noise in the major averages over the next day or two as the market just came straight up off its lows.

Futures are up this morning after CAT earnings came in strong, the jobless claims report came in close to estimates reflecting the low number of layoffs, and the eurozone manufacturing purchasing managers index reached a two-month high at 50.7, above expectations of a reading at 50. While the eurozone report offered some "good" news at a time when worries about slowing global economic growth have been prevalent, the report also said manufacturers don’t expect a significant pickup in the pace of activity in the coming months.

The market hopes for signs of a stronger economy to indicate a true recovery but so far this has not happened as central banks are having a tough time jump starting economies.

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