Major averages rose yesterday on lower volume ahead of today's Veterans Day. The bond market is closed. The major averages have come straight off lows and show almost no signs of distribution, but the question remains whether they will continue higher or roll over in this environment that lacks a QE safety net. Price/volume action is key and so far, the trend is our friend. Further, the global QE environment is favorable thus central banks that tend to act in rough coherence should have an impact on the Fed's decision to keep the status quo of unusually low interest rates for the foreseeable future since global economies remain weak which in turn has a dragging impact on the US economy.
Chinese online social platform YY, In. (YY) had a pocket pivot off its 50dma. Earnings and sales are skyrocketing, pretax margin 37.5%, ROE 37.1%, group rank 28.
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