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MLR - PMP 7/18/13

Major averages baby-stepped higher on lower volume. The markets responded well to Federal Reserve chief Ben Bernanke's remark that care must be taken in scaling down quantitative easing, although the reaction was far less ebullient than it was following his speech last week after market hours on Wednesday, July 11th.

In economic news, the release of the latest beige book report showed "modest to moderate" economic growth, an expanding manufacturing sector and higher consumer spending overall. Meanwhile, June housing starts missed expectations. The economy remains on an unconvincing growth track, thus the Fed will continue to print at current levels. However, continued weak economic data, besides providing a "rationale" for QEternity, highlights the ineffectiveness of QE in promoting economic growth.

Ambarella (AMBA) broke out to new highs on another pocket pivot move. We originally reported on the stock's prior pocket pivot last week. Earnings and sales have been strong, and institutional sponsorship has increased since the company went public. The stock is thin, however, so position size accordingly.

Tesla Motors (TSLA) bounced off of its 10-week moving average in a wild move yesterday as the debate over the stock's "valuation" rages on. Expect more volatility in the stock as earnings approach on August 7th.

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