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MLR - PMP 6/25/14

Market averages initially rose yesterday but then finished lower on higher volume after tensions in Iraq escalated. Earlier, Philadelphia Federal Reserve President Charles Plosser said rates may have to rise by the end of the year, but this did not seem to concern the markets as they appear to have grown used to the Fed's overall dovish stance on quantitative easing.

The market's reaction to news out of Iraq, however, shifted. Whereas the market had previously shrugged off the situation in Iraq, yesterday's reaction was decidedly different. In addition, oil stocks, which had previously reacted positively to tensions in Iraq, finally took some selling heat yesterday which seemed somewhat at odds with their previous behavior. Other leading stocks also came under selling pressure. One day's action, however, is just that, one day's action, so it remains to be seen how things will develop from here. Investors should simply know where their trailing stops are and have an idea of how and under what conditions they will exit and take profits where they have them BEFORE such a plan becomes more urgently necessary.

Chinese provider of internet security software Qihoo 360 Technology (QIHU) had a pocket pivot yesterday. Earnings and sales are soaring, pretax margin 37.4%, ROE 37.3%, group rank 48.

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