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MLR - PMP 11/10/14

Major averages closed near breakeven near the top of their respective trading ranges on mixed volume, The unemployment report was the strongest ever for the month of October with just over a million jobs created and unemployment dropping to 5.8%. But most of extra job growth was due to seasonal factors than underlying economic growth, and the 5.8% number remains highly suspect while wage growth remains subpar. Thus, the report was insufficient to move the Fed off its current stance of low interest rates. Bond prices consequently rallied.

That said, while the Market Direction Model managed to jump back on board the market's uptrend very early in the bounce on Oct 20, the current uptrend remains suspect as the bounce has been relatively anemic in terms of price/volume action in leaders and major indices as well as up/down trading volume which has not seen trading volume of advancing stocks at least 9 times greater than that of declining stocks. Bounces off important lows share this 9:1 characteristic. But then, we are in a QE environment so many tried-and-true indicators have failed to measure up. MDM will continue to carefully monitor the situation as always.

Several brokerage firms are raising their price targets on Alibaba (BABA) this morning. We first identified BABA's pocket pivot in the 91-92 price area on October 21st. The stock is now up about 25% from that point.

Biotech Medivation (MDVN) had a pocket pivot Friday after a strong earnings report. Earnings and sales are soaring, group rank 2. It is now somewhat extended.

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