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MLR - PMP 5/15/14

Major averages fell yesterday on lower volume. The NASDAQ Composite appears range bound as it trades under its 50-day moving average while the S&P 500 hit new all time highs on Tuesday before its decline on Wednesday. Normally, pronounced diverges end badly, but all the central bank money printing has had a dramatic effect on keeping markets buoyant, even though this bull market is getting long in the tooth and general markets appear exhausted. There is no reason to take an aggressive stance on the long side of this market given that a reasonable probability exists of another bull trap breakout by the NYSE-based indexes similar to what occurred on April 4th. Investors should remain cautious, and if one does choose to take a long position then of course paying close attention to downside stops is critical.

Property investment management company CBRE Group (CBG) had a pocket pivot yesterday, following up on a prior gap-up that occurred after the company announced strong earnings. Earnings and sales are accelerating, group rank 16. CBG is an old name, and whether it represents some sort of nascent, dynamic leadership in an otherwise muddied general market environment remains a major question.

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