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MLR - PMP 3/7/14

The major market averages finished mixed yesterday on lower volume. A number of biotech stocks got hit although this is not surprising given how far some have risen. However, big-stock bio-techs Celgene (CELG), which has not participated in the market's rally since January has now violated its 50-day moving average while Gilead Sciences (GILD) has failed on a recent breakout attempt and rolled over to test its 50-day moving average yesterday. Both stocks sold off on heavy volume, GILD allegedly on news of a convertible bond-offering pricing and CELG on no discernible news. The bull market may be getting long in the tooth but the environment is unprecedented with quantitative easing continuing on near full blast, so it is best to focus on price/volume action of major indices and leading stocks instead of trying to predict a major top based on something wholly unreliable such as the age of the bull market or solely on the short-term action of the indexes.

Futures are swinging around but are up at the time of this writing after this morning's Bureau of Labor Statistics monthly jobs number "massaging," with 175,000 non-farm payrolls reported vs. expectations of 163,000. For the most part, the jobs number appears to be a non-event.

Solar stock Trina Solar (TSL) had a pocket pivot/breakout yesterday on strong volume. Earnings and sales are accelerating strongly, group rank is #1.

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