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MLR - PMP 6/4/14

Major averages fell fractionally on slightly higher volume. They have barely budged over the last few days. Such trading action could be viewed as tight and therefore constructive, though the S&P 500 which has hit a number of new highs could also be seen to be reluctant to move higher. The number of leading stocks which have been acting reasonably well seems to imply the former.

The oil patch remained an area of strength. Oil tanker company Knightsbridge Tankers (VLCCF) had a pocket pivot yesterday. Earnings and sales are skyrocketing, group rank 18, institutional sponsorship has increased 5 quarters in a row. Keep in mind this is a micro-cap stock so comes with additional risk. Carrizo Oil (CRZO) also had a pocket pivot yesterday. While earnings growth came in at 0% in the most recent quarter, CRZO is expected to begin ramping earnings over the next several quarters.

Semiconductor company Skyworks Solutions (SWKS) had a buyable gap up. This comes after the prior buyable gap up on which we reported which was due to strong earnings. Earnings are accelerating, pretax margin 25.4%, group rank 11.

The ADP Employment report is out this morning showing 179,000 jobs vs. expectations of 200,000, causing futures to sell off at the time of this writing. After last week's Q1 GDP revision revealed surprising negative -1.0% economic growth, concerns of a slowing economy and the further demonstration of QE's inability to spark any meaningful economic growth are rising.

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