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MLR - PMP 6/11/14

Major averages finished near break even on mixed volume. The NASDAQ Composite is on the verge of hitting new multi-year highs while the small cap Russell 2000 is catching up after taking a beating in the March-May selloff. Market internals continue to look well. Futures are down this morning after the World Bank issued an economic report that lowered its global growth estimate from 2.8% from 3.2%. With the indexes somewhat extended from their recent breakout points, the S&P 500 having broken out through its prior highs while the NASDAQ and the Russell 2000 have broken out through their prior downtrend lines and 50-day moving averages, perhaps anything that gives investors an excuse to sell will have some impact. However, we've seen the indexes try to sell off on an intra-day basis several times before over the past week or so before closing near their daily peaks, so the market will be faced with another pullback, and investors will have a chance to see whether the market remains resilient.

Facebook (FB) had a pocket pivot yesterday. It broke out of a handle that has formed at the mid-point of its cup base. Earnings and sales have accelerated strongly, pretax margin 47.7%, institutional sponsorship has increased last 9 quarters since its IPO. With the stock pulling back slightly this morning as a result of the weak futures at the time of this writing, investors are provided with a lower entry.

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