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MLR - PMP 10/24/14

Major averages were up on mixed volume. The NASDAQ Composite hit its 50-day moving average and then retraced while the S&P 500 came within a breadth of its 50-day moving average before retracing. Given the lack of good stock set ups on the long side, this bounce still remains suspect. Nevertheless, hopes for an extended QE3 are loud and clear when the Fed meets at the end of this month which could push markets higher as QE has done so after past market corrections since QE3 began in 2013. That said, the market has come straight up from lows so more noisy volatility can be expected. Futures are currently lower after a doctor in New York was diagnosed with the Ebola virus last night.

Biotech Alexion Pharmaceuticals (ALXN) had a buyable gap up yesterday with an intraday low of 177.72 as a selling guide. Earnings are robust, pretax margin 42.9%, ROE 28.7%, group rank 2.

Demonstrating that this is a market of stocks, first and foremost, big-stock bio-tech Biogen Idec (BIIB) is rallying back up to its 200-day moving average after gapping down on earnings two days ago. The stock is shortable on this rally using the 200-day line, plus another 2-3% on the upside according to one's risk tolerance, as a guide for an upside stop.

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