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MLR - PMP 6/26/14

Major averages rose yesterday on lower volume though leading stocks performed well. With interest rates so low with QE on full bore, commodities and precious metals seem to have put in important recent lows, with commodities and gold having bottomed early this year. Uptrends appear to be intact across various industries. The fact that no follow-through was seen after Tuesday's downside reversal on higher volume in the indexes is constructive and shows that one day's action is not necessarily a harbinger of death and destruction for the market.

Online food takeout services Grub Hub (GRUB) had a pocket pivot yesterday. As it turned out, before reaching the required 505,700 shares of volume required for a pocket pivot, it headed lower on big volume, falling below Monday's closing price, after which it then exceeded 505,700 shares. The wild gyrations were caused by news that Amazon.com (AMZN) intends to enter the same business as GRUB. Naturally, one should avoid any stock that is selling off on big volume. While it finished midbar at a near breakeven close, caution should be taken if one is still thinking of buying a position since pocket pivots should ideally close in the upper third, unless the general market was appreciably weak. Yesterday's market was relatively strong.

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