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MLR - PMP 12/13/13

Major averages were fractionally mixed on lower volume. The bigger picture is that while quantitative easing continues on full tilt, the hole is getting deeper and deeper. Moneyweek suggests that the enormous debt pile up in the US and the UK will ultimately lead serious consequences. If foreign inflows move instead to other currencies such as the euro and eventually the Chinese renminbi, as well as traditional storehouses of value such as gold, interest rates will rise, causing a potentially huge interest rate debt burden that could break the back of the dollar, removing it from fiat currency status.

Price/volume will lead the way toward signalling a major top when the next one occurs which is anyone's guess, and the reasons behind it are usually known after the fact, heed your stops as always. Futures are up pre-open. Given the fact that the S&P 500 Index just undercut its prior November and early Decembber lows and is sitting right on top of support at roughly 1775 while the NASDAQ slightly undercut support at the 4000 level, the market is in position for a reaction move to the upside. How this carries through will likely provide evidence as to whether further downside is in store for the market going into next week's key Fed announcement.

Despite the downside tilt of yesterday's action, big-stock NASDAQ names Facebook (FB), Netflix (NFLX), LinkedIn (LNKD) and Tesla Motors (TSLA) were up on the day with NFLX posting pocket pivot buy signal yesterday while FB held its gap-up move after being added to the S&P 100 and 500 Indexes.

Other stocks that had pocket pivots yesterday in the face of a weak tape were Michael Kors (KORS) and Illumina (ILMN). Southwest Airlines (LUV) also had a pocket pivot yesterday - the stock is a turnaround situation in the airline industry.

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