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MLR - PMP 7/15/14

Major averages rose yesterday on higher but below average volume. Both the NASDAQ and the S&P 500 gapped up and churned around in a tight range while the Dow made a new intra-day high which it could not hold by the close. Despite the fast, hard damage done to leading stocks as the markets corrected 1-2%, a QE-floor may have already been put into the market. But at this juncture, leading stocks have to heal their wounds before any meaningful advance can take place. So the Market Direction Model remains in cash for now as the recent period of heightened volatility may not yet be over. Since January 2013, corrections have been contained to less than 10% as QE prevents markets from having any meaningful corrections.

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