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MLR - PMP 5/2/14

Major averages finished even to mildly higher on mixed volume. Leading stocks continue to falter with poor price/volume structures overall. The few breakouts are occurring in lagging, slower names, not the sign of a healthy bull market. That said, quantitative easing could push general markets higher as they have had a tendency to baby step higher after corrections. The UVXY which captured a quick gain on its last sell signal is once again switching to a sell signal. The MDM, meanwhile, remains also on a sell as it is designed to capture longer term trends, and at present, the price/volume action in major indices and leading stocks is still bearish.

This morning's jobs number came in at 288,000 new non-farm payrolls vs. expectations of 203,000 with the unemployment rate dropping to 6.3%, thanks in large part to the largest monthly decline in the labor force ever recorded. Futures initially rallied but at the time of this writing are softening a bit as the "strong" jobs report may be seen as justification for the Fed to continue tapering the taper, so to speak. It remains to be seen how the day pans out, so investors should allow events to unfold as they will.

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