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MLR - PMP 4/14/14

Major averages fell on mixed volume with the NASDAQ Composite a breath away from its 200-day moving average. The market could be telegraphing a hike in interest rates in early 2015 since the market tends to be forward looking by 6 to 9 months. The NASDAQ Composite is now 8.5% off its peak. Its prior worst correction since January 2013 was 6.7%. Should it hit its 200-day moving average today, it would be 9.9% off its peak.

Investors should always keep a dynamic watch list of potential new leaders on hand as they run their daily screens. As the correction continues, keep an eye out for stocks that show strength relative to the general market. Such a constructive exercise can identify which stocks may lead the way when the market finds its floor, though so many leading stocks have gotten pummeled in the current pullback implying that major averages may well have a bit further to fall before a floor is reached. QE of course is the wildcard as all major central banks continue to print en masse.

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