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MLR - PMP 2/11/14

Major averages rose on lighter volume. The new Federal Reserve Chairperson Janet Yellin is expected to continue to stay the course when she testifies today. Under Bernanke, the Fed would keep rates low for an extended period while continuing to taper with the intention to stop quantitative easing by the end of 2014. Of course, this is predicated on a recovering economy. Yellin has expressed deep concerns regarding unemployment thus on this issue, she is perceived as a dove, willing to keep the printing presses rolling if it can further reduce unemployment well below the 6.5% target. That said, on the inflation issue, she is perceived to be a hawk as she says inflation must be controlled. The tightrope the Fed must continue to walk is to reduce QE while making sure the economy continues to recover, and hoping inflation remains subdued.

Fireeye (FEYE) had a pocket pivot breakout. Group rank 4, sales up sharply. We reported on FEYE when it had its buyable gap up on January 3. If you are using the 7-week rule, you would still hold a position in this stock as it violated its 10-day moving average within 7 weeks, so you would switch to using the 50-day moving average as your selling guide. FEYE announces earnings today after the close.

Biotech Regeneron Pharmaceuticals (REGN) had a pocket pivot breakout. Group rank 2, pretax margin 38.5%, ROE 61.3%. Biotechs as a whole continue to outperform.

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